ISLAMABAD: Pakistan has received $684 million in loans from China during the first five months (July-November) of the current fiscal year 2018-19.

Documents available with Pakistan Today show that China remained the leading lender that has given $684 million in loans to Pakistan from July to November 2018.

On the other hand, France has provided $36 million loans as well as grant, similarly, Germany $4.99 million, Japan $20.19 million, Saudia Arabia $16.50 million and $3.11 million from Kuwait in first five months.

Besides this, UK, USA and Canada have given $62.48 million, $30.19 million and $0.14 million grant to Pakistan in the above stated period.

Overall, Pakistan has borrowed $822.09 million on a bilateral basis from the above-mentioned countries.

Documents further stated that Pakistan also received $449.51 million as loans from commercial banks; $159.51 million from Dubai Bank, $20 million from Noor Bank PJSC and $270 million from SUISSE AG, United Bank Limited, and Allied Bank Limited in the stated period.

On the multilateral basis, Pakistan borrowed $588 million from 9 international lending organizations. Asian Development Bank (ADB) lent $196 million, AIIB $8.32 million, IBRD $13.38 million, IDA $84.98 million, IDB $1.50 million, IDB(ST) $272.46 million, IFAD $10.59 million, OPEC Fund $0.41 million and UNHCR $0.23 million in first five months of current fiscal year.

Overall, Pakistan has received $1.86 billion loan and grants from July 2018 to November 2018.

It is pertinent to mention here that Pakistan foreign reserves have been dwindling down despite the fact that the incumbent Pakistan Tehreek-i-Insaf (PTI) government has borrowed $2 billion from Saudi Arabia to boost the reserves.

According to State Bank of Pakistan (SBP) figures, country foreign reserves currently stand at $7.2 billion.

Pakistan is currently negotiating with the International Monetary Fund (IMF) for another bailout package and the IMF board is likely to take up the matter by the mid of January.