Canada Global(Web News) Pakistan’s ability to access dollar loans has declined significantly as foreign borrowing has fallen by 50 percent at a time when Islamabad is desperately hoping for more inflows.
Citing data released by the Economic Affairs Division (EAD) on Monday, top government sources confirmed that the government received only $415.99 million in foreign remittances in November 2023. 846.76 million in the corresponding month of the previous financial year. was able to obtain loans which represents a reduction of about 50 percent. Ironically, Islamabad during the current financial year considering the high interest rates in the international markets. Despite making plans to earn four and a half billion dollars, it has failed to earn a single penny through foreign trade loans. Despite the concept of one and a half billion dollars, the government has failed to launch any international bonds.
If the five months of 2023-24 (July-November) are compared, Pakistan received a total of $4.285 billion in foreign loans as against $5.11 billion in the same period of the previous financial year. However, the Division of Economic Affairs Excludes $1.2 billion received from the International Monetary Fund following the approval of the $3 billion Standby Arrangement Program. After including the IMF installment, the dollar total during the first five months of the current fiscal year Inflows will reach $5.5 billion.
