Pakistan’s external debt, liabilities touch $89 billionThe foreign loans were equal to 86% of the annual budgetary estimates that parliament had approved in June last year. China was the single largest lender that gave a total of $1.6 billion, which was equal to one-fourth of the total foreign loans Pakistan has received in the last seven months. So far, Citibank has given $267 million, Credit Suisse AG loaned $255 million, Standard Chartered Bank London $200 million and Dubai Bank $55.9 million. Similarly, the debt obtained by taking commercial loans increased to $5.3 billion excluding the impact of the fresh ICBC borrowing. The Islamic Development Bank extended $846 million loans and the Asian Development Bank gave $481 million for projects’ financing in the first seven months.

Source: The Express Tribune February 17, 2018 03:45 UTC