A report from the Economic Affairs Division (EAD) showed that Pakistan has received $7.76 billion so far in foreign economic assistance — which includes both grants and loans — in the current fiscal year as the country tries to deal with its balance of payment crisis.
Of the total amount, $4.02 billion has been received from multilaterals, including the Asian Development Bank (ADB) and the European Union, while $1.06 billion has been given by other countries.
According to the breakdown given in the "Disbursement Report March 2022", the International Monetary Fund (IMF) has given $1.17 billion to Pakistan so far.
Separately, the ADB has given $1.94 billion and the International Development Association — a member of the World Bank — has provided $1.1 billion. Meanwhile, the Asian Infrastructure Development Bank has given $546.75 million.
Among friendly countries, Saudi Arabia has provided the highest amount of foreign assistance — $100 million — besides an oil facility of $782.28 million.
China has provided $54.93 million, followed by Japan at $34.19, France at $28.97 million and the United States at $24.27 million.
The report also said the government received $900 million in loans from commercial banks and $612.3 million through Naya Pakistan Certificates.
Pakistan's foreign exchange reserves have depleted sharply during the current fiscal year and stand at $4.43 billion as of April 14, which will provide an import cover of less than a month — a position that has been the same for several months now.
The country's $350 billion economy continues to dwindle amid financial woes and the delay in an agreement with the IMF that would release much-needed funding crucial to avoid the risk of default.
The government has been in talks with the Washington-based lender since end-January to resume the $1.1 billion loan tranche that has been on hold since November, part of a $6.5 billion Extended Fund Facility (EFF) agreed upon in 2019.
The country is getting closer to securing the loan as it has shared a plan with the IMF for securing an additional $3 billion to bridge the financing gap.
A deal with the IMF will also unlock other bilateral and multilateral financing avenues for Pakistan to shore up its foreign exchange reserves.
This initiative could significantly benefit Tesla, which has long pursued autonomous driving technology
Relief for people being prioritised over every other step to fulfil promises made to them, says premier
Aleem Khan admits govt planning to invite fresh EOIs after earlier attempts faced hurdles
"IMF officials didn't say anything that we were not aware of already there were no surprises," says Aurangzeb
Programme envisages mobilising up to $3.5 billion from ADB, GCF, governments and development partners
During her year-long term in office, Ayla will lead over 252,500 members of ACCA across 180 countries
