Tuesday, June 28, 2022

In 7 months govt recieved total debts amounting to 59pc of FY-21 budget

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ISLAMABAD: During the July-Feb period the government has received a total of $7.21 billion in total external inflows from multiple financing sources, ARY New learned Saturday from a report published by Foreign Economic Assistance.

The total numbers amount to about 59 per cent of the country’s annual budget estimates for this fiscal year of US$12.23 billion.

It is 8 pc more than what it was last year in the corresponding period. Last year’s first seven months saw government borrow 51 pc of its annual budget.

The federal finance ministry said Saturday the total debt meant $1.3 billion (or 19 pc)  of it were for budgetary support to restructure Pakistan’s economy.

It said $3.1 billion (or 43pc) were foreign commercial borrowings to repay maturing foreign commercial loans.

It added $1.3 billion (another 19 pc) were for the financing of development projects.

READ: Three more mobile phone manufacturing plants to be set up in country: minister

According to the reports about $399 million (05 pc) were for commodity financing of the government, and the rest $1 billion (14 pc) were from China received as safe deposits in Pakistani banks.

In the report released today by the ministry, the debt servicing, of funds borrowed earlier, to have occurred in the same period stood at US$3.47 billion.

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