ISLAMABAD: Pakistan’s foreign loans increased by almost 45 percent to about $4.5 billion in first five months (July-November) of the current fiscal year as compared to the corresponding period in the last fiscal, data from the ministry of economic affairs, reported in Pakistani media, showed.

“With the loans taken in the five months, the country has received a total of about $23.6bn in foreign loans during tenure of the [Prime Minister Imran Khan-led] Pakistan Tehreek-i-Insaf government (since July 1, 2018),” Dawn newspaper reported.

“The government has received $4.499bn total external inflows from multiple financing sources,” during July-November of fiscal year 2020-21, the ministry of economic affairs said on Thursday, which amounted to 37 percent of the annual budget estimates of $12.233bn for the entire fiscal year.

“In the corresponding period of fiscal year 2019-20, external inflows stood at $3.108bn, which was around 24pc of the annual budgeted amount of $12.958bn,” Dawn reported. “Government has received a total of about $23.6bn in foreign loans since July 1, 2018.”

Giving a breakdown of the $4.499 billion foreign loans, the ministry said about $1.3bn, or 29 percent, were program loans and budgetary support mostly from multilateral lenders to help restructure Pakistan’s economy. About $1.621 billion, or 36 percent, was foreign commercial borrowing to repay maturing foreign commercial loans, and $518 million, or 12 percent, was received as project financing for development activities. Another $60 million, or 1 percent, was short-term credit while $1 billion, or 22 percent, was received as time safe deposits during the current fiscal year.

Among multilateral development partners, the Asian Development Bank provided $712 million and the World Bank disbursed $694 million against a budgetary allocation of $2.257 billion. France, the US and China provided Pakistan $33.4 million, $63.8 million and $21.8 million respectively.