During the tenure of the current PTI government, the Economic Affairs Division reported that Pakistan has borrow up to 10.40 billion US dollars in an effort to stabilise foreign exchange reserves and repayment of old loans.

In a response submitted to the National Assembly, the Economic Affairs Division claimed that the government borrowed loans included bilateral, mutli-lateral and commercial loans.

According to the figures presented by the Economic Affairs Division, the PTI government took loans from Chinese, UAE and European banks. Overall, 4.80 billion dollar loans were borrowed from the commercial bank, reports the EAD.

Moreover, the International Monetary Fund also provided a loan to Pakistan under it’s bailout package.

China, UAE and Qatar provided Pakistan with direct deposits, reported the division.

In May of this year, the Federal Ministry of Finance informed the Senate during it’s question hour that Pakistan’s foreign debt has reached 88.199 billion US dollars.

In the last six financial years, the country has borrowed $26.19 billion which has enhanced the overall foreign debt in six years to US$33.50.

Pakistan’s borrowing from foreign sources remained 6.520381 billion US dollars in fiscal year 2016-17, while in year 2017-18 the country borrowed US$6.020526 billion from foreign sources, the ministry added.

The country has borrowed US$4.550154 billion in the ongoing fiscal year 2018-19 till now, the finance ministry informed the Senate in its reply.

Keep up to date with more news at ProperGaanda: Pakistan Ranks 5th Country Most Vulnerable To Climate Change


Leave a Reply

Your email address will not be published. Required fields are marked *