60.5pc decline in foreign assistance exacerbates woes of dollar-strapped economy
Business
Pakistan received $8.12bn external assistance in the first ten months of the current fiscal year
ISLAMABAD (Dunya News) - Economic Affairs Division report observed significant decline of 60.5 percent in foreign assistance received in one year, due to the suspension of the IMF program.
The Economic Affairs Division has released the monthly report of received foreign assistance till April 2023. According to the report, Pakistan received $8.12 billion in external assistance in the first ten months of the current fiscal year, whereas the country received $13 billion in foreign assistance during the corresponding tenure previous fiscal year.
The report indicates that an estimate of $22.65 billion in foreign assistance was projected in the budget of current fiscal year. During the first ten months of the current fiscal year, Asian Development Bank provided a loan of $1.97 billion, the World Bank gave a loan of $1.17 billion and the IMF provided a loan of $1.16 billion.
Pakistan received assistance of $980 million from July to April of the current fiscal year under the Saudi Arabian oil facility. Additionally, commercial banks provided loans amounting to $900 million during the first ten months of the current fiscal year.
The report of the Economic Affairs Division also states that Pakistan obtained $67.72 million from the Naya Pakistan Certificates.
