ISLAMABAD: Figures released by Economic Affairs Division (EAD) on Tuesday revealed the Pakistan Tehreek-e-Insaf (PTI) administration obtained $50 million from foreign commercial banks in November.
During July-November of the current financial year 2018-19, the government borrowed $449.51 million in foreign commercial loans compared to $1.092 billion in the same period last year (SPLY).
According to the latest EAD data, Pakistan provisionally received over $1.86 billion in foreign loans during the first five months (July-November) of FY18-19 compared to $2.877 billion or 36% fall in the corresponding period of last year, reports an English daily.
The previous PML-N administration had projected foreign assistance for FY18-19 at $9.69 billion which includes $394.34 million grant and $9.297 billion loans as indicated by EAD data.
Moreover, the previous government projected loans of $2 billion from foreign commercial banks.
Pakistan received $50 million from the syndicate led by Credit Suisse AG, UBL and ABL in November
As per the latest figures, Pakistan received $272.39 million including $260.35 million loans and $12.04 million grants in November.
A $159.5 million loan was obtained from Dubai Bank in October. EAD data revealed the loan agreement for $160 million was reached on September 26th, 2018 by the PTI government of which $159.5 million has been disbursed till now.