Pakistan borrowed $3.81 bln in first 4 months of FY23-24

ISLAMABAD: Pakistan borrowed $3.81 billion in the first months of FY2023-24, ARY News reported quoting the Economic Affairs division report. 

The report stated that Pakistan’s international borrowing decreased to $3.81 bln as compared to $4.20 bln in the first four months (July-October) 2022.

The report further stated that the country took a $2 billion international loan in October 2022.

In 2023, Pakistan took $2 billion loan from Saudi Arabia as a safe deposit, while also purchased oil worth $400 million on deferred payments from the kingdom in the first four months of FY2023-24.

Pakistan expects to receive more than $17.62 billion in external financial assistance in the current financial year, the report reveals.

Read more: Pakistan borrowed US$ 10.40 billion in PTI tenure: NA informed

Last week, Pakistan and the International Monetary Fund (IMF) reached a staff-level agreement on the first review under Pakistan’s Stand-By Arrangement (SBA).

This was disclosed in a statement issued by the IMF after delegation-level talks between the two sides in Islamabad.

The agreement is subject to the approval of IMF’s Executive Board after approval around US$700 million will be available bringing total disbursements under the program to almost US$1.9 billion.

The IMF team thanked the Islamabad authorities, private sector, and development partners for fruitful discussions and cooperation throughout this mission.