A report of the Ministry of Economic Affairs showed that Pakistan received only $7.6 billion in foreign loans during the first nine months of current fiscal year. The Economic Affairs Division (EAD) reported on Monday that the country received a little over $400 million in foreign loans during November 2023. Barring July, foreign loan receipts remained low in the other four months – a trend that is expected to reverse by next month. A major chunk of $5.2 billion was received in budget and reserves’ loans, which constituted 81% of total borrowing in five months. However, the finance ministry did not succeed in getting foreign commercial loans during the first five months of FY24.

Source: The Express Tribune December 19, 2023 09:45 UTC