Pakistan receives US$10.19 bn foreign loans during first 10 months of FY2020-21

ISLAMABAD: Pakistan has received foreign loans amounting to US$10.19 billion during the first ten months of the outgoing fiscal year 2020-21, ARY NEWS reported.

According to details shared by the economic affairs division, the country has received a foreign loan of US$ 10.1906 billion during the period of ten initial months of the fiscal year.

During the July-April period, Pakistan received US$3.1 billion under mutual agreements, it said in its monthly disbursement report adding that most of the foreign loans have come from the Asian Development Bank (ADB) that stands at US$1.26 billion.

The economic affairs division further said that mutual agreements with various countries also helped in receiving foreign loans of US$376 million.

“The country also sold out its bonds worth US$2.5 billion during the period of July and April 2020,” shared the division as the country is bound to share the loan figures publically under an agreement with the International Monetary Fund (IMF).

It said that a foreign loan of US$3.25 billion was also received from the commercial banks.

Last year, the Senate was informed that the country obtained US$25.59 billion worth of loans from global lending institutions during a period between July 2015 and July 2019.

The Ministry of Finance informed the upper house of parliament that of the total public debt, 11.79 billion dollars were obtained from international financial institutions while 13.80 billion dollars from global commercial banks.

It said the country’s net foreign reserves stand at over 18.8 billion dollars.