Pakistan secures $4.25b foreign loans in four months to build forex reserves.

ISLAMABAD -- Pakistan has secured $4.255 billion foreign loans in four months (July to October) of ongoing fiscal year (2022-23) to build its foreign exchange reserves, which are reducing mainly due to the repayment against previous loans. The government has budgeted foreign assistance of $22.8 billion for the current fiscal year. Meanwhile it has received 18.7 percent ($4.255 billion) of the annual $22.8 billion in four months of the year 2022-23. According to the latest data of Ministry of Economic Affairs, the government has received $2.017 billion external loans in October 2022, mainly $1.522 billion from the Asian Development Banks (ADB). The country has taken $1.166 billion from the International Monetary Fund (IMF), $2.322 billion from multilateral sources and $497.44 million from bilateral sources and $200 million from the foreign commercial banks making total loan disbursement at $4.255 billion in July to September period of FY23. Meanwhile, the Asian Infrastructure Investment Bank (AIIB) has approved $500 million for Pakistan in ongoing month (October). The government is also expecting to receive $450 million from the World Bank within current month, as Pakistan had met all conditions attached to the Resilient Institution for Sustainable Economy (RISE-II) programme. Asian Infrastructure Investment Bank (AIIB) will grant approval for co-financing of $450 million, so a total funding of $900 million will be provided to Pakistan. The inflow would help in building the country's foreign exchange reserves, which had declined in last few months owing to the repayment against previous loans. The total liquid foreign reserves held by the country stood at $13.796 billion as of 11- Nov-2022. Foreign reserves held...