Pakistan borrowed $3.81 billion in the initial four months of FY23-24

Pakistan borrowed $3.81 bln

Islamabad, November 20, 2023 : Pakistan borrowed $3.81 billion in the initial months of FY2023-24, quoting the Economic Affairs division report.

According to the report, Pakistan’s international borrowing dropped to $3.81 billion from $4.20 billion in the first four months (July-October) of 2022. Additionally, the report mentioned that the country secured a $2 billion international loan in October 2022.

In 2023, Pakistan obtained a $2 billion loan from Saudi Arabia as a secure deposit and, in the initial four months of FY2023-24, made an oil purchase of $400 million on deferred payments from the kingdom.

The report indicates that Pakistan anticipates receiving over $17.62 billion in external financial assistance in the current fiscal year.

Recently, Pakistan and the International Monetary Fund (IMF) achieved a staff-level agreement during the first review under Pakistan’s Stand-By Arrangement (SBA).

This information was revealed in a statement released by the IMF following delegation-level discussions between the two parties in Islamabad.

The agreement is contingent upon approval from the IMF’s Executive Board. Once approved, approximately US$700 million will be accessible, bringing the total disbursements under the program to nearly US$1.9 billion.

The IMF team expressed gratitude to the Islamabad authorities, private sector, and development partners for their productive discussions and cooperation during this mission.

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