This marks a significant decline compared to the $3.206 billion borrowed during the same period in 2023-24.

Despite budgeting for $9 billion in time deposits—comprising $5 billion from Saudi Arabia and $4 billion from SAFE China—no funds were received under this category in July and August. Additionally, there was no mention of financial assistance from the UAE.

For the fiscal year 2024-25, the government had projected a total of $19.393 billion from various financing sources, which includes $19.216 billion in loans and $176.29 million in grants. Notably, this budget does not account for any contributions from the International Monetary Fund (IMF).

The data indicated a lack of funds from foreign commercial banks, with the government budgeting $3.779 billion but receiving nothing in the first two months. Similarly, no revenue was generated from the anticipated $1 billion in bond issuances.

In August 2024 alone, the country received $270.53 million from different sources, including $259.04 million from the “Naya Pakistan Certificate” program, which contributed $131.35 million that month.

Overall, the country secured $292.99 million from multilateral sources and $162.70 million from bilateral channels during July-August 2024. Non-project aid amounted to $273.12 million, inclusive of $14.07 million designated for budgetary support, while project aid totaled $441.62 million.

Among the notable disbursements, the Asian Development Bank (ADB) provided $96.20 million, falling short of the budgeted $1.651 billion for the year. The International Development Association (IDA) contributed $147.86 million against a budget of $1.525 billion, while the International Bank for Reconstruction and Development (IBRD) disbursed $28.88 million from a projected $550.22 million.

China disbursed $96.76 million in July, but no funds were received in August, despite a budget of $134.18 million for the fiscal year. Saudi Arabia contributed $2.69 million in July against a total budget of $146.54 million, with no disbursement in August. Conversely, the USA exceeded its budget with $30.94 million disbursed in the first two months, compared to the projected $20.87 million.

Read more

Federal govt borrowing from banks plummets 58% in FY25

Workers remittance hit $2.80 billion in April

Pakistan seeks $19b in external financing to meet expenses