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Ministry of Finance and Economic Affairs

Record soaring total loans of $11.4 billion Pakistan acquired in FY18

ISLAMABAD: Pakistan's loan borrowing strikes at sky level during FY18 at $11.4 billion due to increasing liabilities, resulting in diminished foreign exchange reserves and more reliance on the peripheral creditors. According to Ministry of Finance and Economic Affairs, Pakistan has obtained a loan of total $11.4 billion during FY18, also inclusive of $500 million by China’s State Administration of Foreign Exchange (SAFE). The provision of cash provided by SAFE, China in the month of June 2018 was to curtail the turn down…