In the first five months (July-November) of the current fiscal year, Pakistan borrowed around $5.115 billion in foreign loans, which is a nearly 14 percent increase over the loans it got during the same time previous year.
The Ministry of Economic Affairs (MEA) reported receiving approximately $5.115 billion in foreign assistance in 5MFY23 compared to $4.499 billion in the same period last year in its monthly report on Foreign Economic Assistance (FEA).
Pakistan received $842 million from foreign inflows in November alone, up from $794 million in the corresponding month previous year, a 6 percent increase.
As a result, the total inflows, which were $5.115 billion in 5MFY23, represented only 22.4 percent of the $22.817 billion in budget expectations for the entire year.
Of the $12.233 billion in yearly budget expectations, the inflows of $4.5 billion in 5MFY22 accounted for 37. Foreign economic aid for the entire fiscal year 2021–2022 was finally recorded by the MEA at $16.975 billion.
The external inflow for the same five months of 2019–20 was $3.108 billion, or almost 24 percent, of the $12.958 billion yearly budget. The MEA announced last week that Pakistan has received $8.4 billion in 2018–19 and a total of $10.7 billion in 2019–20.
The pricey foreign debt held by overseas Pakistanis in Naya Pakistan Certificates is also included in the foreign inflows recorded by MEA, however it only amounted to $139 million in five months as opposed to the full year’s projection of $1.63 billion.
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This year, there were just three main sources of foreign inflows, compared to the previous years’ five: $4.172 billion from multilateral lenders, $602 million from bilateral lenders, and around $200 million from commercial banks.
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