Saturday, June 25

Islamabad Acquired Over $13 Billion Debt In 10 Months

0 0
Read Time:2 Minute, 6 Second

Pakistan Acquired Over $13 Billion Debt In 10 Months

Islamabad, (PNB NEWS). Pakistan received $ 13.033 billion in external debt from various sources of financing in the first 10 months (July-April 2021-2022), including $ 2.623 billion from foreign commercial banks for the full fiscal year.

It was simply due to poor management of the country’s economy.

The World Bank has identified structural flaws in Pakistan’s economy, such as minimal investment, low exports, and a slower growth cycle.

Furthermore, high domestic demand and rising global raw material prices have resulted in double-digit inflation in the country.

Besides that, rapid growth in Pakistan is not expected to pick up in the near future because a significant increase in import bills would also have a negative impact on the Pakistani rupee.

The Economic Affairs Division (EAD) released figures on Monday showing that Islamabad received a total of USD 262.14 million in April 2022 from various financial sources.

However, no funds were borrowed from foreign commercial banks during April, according to the Business Recorder.

According to reports, external inflows totaled USD 10.195 billion during the corresponding period (July-April) of the fiscal year 2020-21, including USD 3.246 billion from foreign commercial banks, compared to the budgeted amount of USD 12.233 billion.

For the current fiscal year, the government has set aside $ 14,088 billion in foreign aid, with $ 13.871 billion in loans and $ 217.44 million in grants from bilateral and multilateral sources, including the International Monetary Fund (IMF).

READ MORE: https://shujaatnewsagency.com/2022/05/26/foreign-minister…-malik-judgement/ ‎

Total loan invoices include $4.05 billion from multilateral, $485.97 million from bilaterals, $2.623 billion from foreign commercial banks, $2.041 billion from bond issuance, and $3 billion in Saudi Arabia time deposits. Non-project

financing was $10,263 million, comprising $9,024 million for budget support and $1,193 million for project finance.

The Asian Development Bank provided USD 1,454 million while the World Bank allocated USD 1,189 million among the multilateral development partners.

Meantime, China managed to spend USD 153.30 million in the first ten months of the current fiscal year (July-April), the United States 64.32 million, Korea 4.81 million, the United Kingdom 16.01 million, Germany USD 13.25 million, and Saudi Arabia $201 million, including $100 million in April from oil product imports, according to the Business Recorder.

 

 

 

 

 

https://www.pinterest.com/Kidman1155/pnb-news/

 

 

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %