Pakistan acquired loans worth $12b since July 2021: EAD

Islamabad: According to a report published by the Economic Affairs Division (EAD), the Federal government has taken $12bn loans since July 2021. 

According to the report, loans worth $2.59b were granted to Pakistan by different sources, in January alone.

The Federal government took loans worth $190.6m under mutual agreements and loans worth $3.32b were granted from July 2021 to January 2022 under multifaceted agreements.

The EAD report said that the government also acquired loans worth $2.62b from commercial banks and different countries and multilateral organizations provided Pakistan with loans worth $13.74m.

According to the EAD report, northern neighbour China also provided Pakistan with loans worth $10.8m from July 2021 to January 2022, while the United States of America provided Pakistan with loans worth $40.52m.

The Asian Development Bank also granted a $1.09b loan to Pakistan and Islamic Development Bank provided a loan worth $1.08b, the EAD reported.

Bonds worth $2b were also issued in the first 7 months of the current fiscal year, the report said.