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

ISLAMABAD: Present government (PTI) borrowed 10.40 billion US dollars loans from various sources to stabilize foreign exchange reserves and repayment of old loans, ARY News reported on Thursday.

The Economic Affairs Division, in a reply submitted in the National Assembly, said that the loans borrowed in this government included bilateral, multilateral and commercial loans.

According to the economic affairs division figures, the Pakistan Tehreek-e-Insaf (PTI) government borrowed commercial loans from Chinese, UAE and European banks. Overall 4.80 billion dollars loans borrowed from the commercial banks, the government division informed.

The International Monetary Fund (IMF) also provided loan to Pakistan under its bailout package.

Moreover, China, United Arab Emirates and Qatar provided direct deposits to Pakistan, the economic division said in its reply.

Earlier in May Federal Ministry of Finance informed the Senate in its question hour that Pakistan’s foreign debt has reached to 88.199 billion US dollars.

The country borrowed US$26.19 billion in past six financial years apart of US$7.32 billion interest, which enhanced the overall foreign debt in past six years to US$33.50, the ministry said in its written reply of the question.

The country borrowed US$6.90897 billion in fiscal year 2013-14, US$5.40721 billion in fiscal year 2014-15 and US$4.45020 billion in financial year 2015-16, the finance ministry said in its answer.

Pakistan’s borrowing from foreign sources remained 6.520381 billion US dollars in fiscal year 2016-17, while in year 2017-18 the country borrowed US$6.020526 billion from foreign sources, the ministry added.

The country has borrowed US$4.550154 billion in the ongoing fiscal year 2018-19 till now, the finance ministry informed the Senate in its reply.