ISLAMABAD (Eshfak Mughal):- The federal government has secured $16.97 billion external financing including $16.734 billion loan and $240 million grants from mostly from foreign commercial banks and time deposits from friend countries during the last fiscal year 2021-22.

The government has obtained $3.43 billion during June 2022 due to heavy borrowing from commercial banks worth of $2.24 billion.

According to the Statement of the Economic Affairs Division, the federal government has borrowed secured $ 4.828 billion including 4.741 billion loan and $88 million grants from multilateral sources during the last fiscal year.

Out of total multilateral sources, the government took $ 1.626 billion from Asian Development Bank, $1.328 billion from Islamic Development Bank and $ 1.32 billion from IDA facility of World Bank.

The government has obtained $708 million from different friend countries including China, Saudi Arabia, USA and others. Out of total bilateral sources, the government availed $401 million from Saudi Arabia through oil facility on defer payment. It has also obtained $162 million from China, $70 million grants from USA, $20 million from Japan, $16.7 million from Germany, $16 million from UK, $15.5 million from France during the last fiscal year.

The federal government has secured $2.41 billion through issuing of Bonds during the period. It has borrowed $4.863 billion from foreign commercial banks while $3 billion through time deposits of different friend countries during the fiscal year.

It is pertinent to mention here that the government has set the target of $14 billion external financing during the last fiscal year.

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