Pakistan received $3.49bn loan in three months of FY23-24

ISLAMABAD: Pakistan has received $3.52 billion including $3.49bn in loans and $34 million in grants during the first three months of FY-2023-24, ARY News reported quoting the Economic Affairs Division. 

The Economic Affairs Division has released a monthly report regarding the loans and grants received by Pakistan from other countries in the current financial year so far.

The report said that from July to September 2023, Pakistan received $3.5273 billion from abroad, according to the report. Out of this, $3.49 billion are loans and $34 million grants, showing 58 per cent rise as compared to last year’s $2.234 billion loan.

The report further said that Saudi Arabia gave a loan of $2 billion to Pakistan in the form of time deposits, and China’s National Aero Technology Corporation provided $500 million.

Read more: IMF talks for 2nd tranche of loan likely in October end week

Various international financial institutions extended a loan of $490 million dollars to Pakistan, while $324 million was received from various countries.

This assistance is besides the first tranche of $1.2 billion received from the IMF in the first quarter of the fiscal year.

Pakistan expects to receive more than $17.38 billion in external financial assistance in the current financial year, the report reveals.

Earlier it emerged that Pakistan will hold talks for the second tranche of the International Monetary Fund (IMF) bailout likely in the last week of October.