Ministry of Economic Affairs issues report of funds received by Pakistan

Islamabad: In the first quarter of this financial year, Pakistan received foreign funds of 3.52 billion dollars.

According to details, the report issued by Ministry of Economic Affairs stated that the funding received in the first quarter consisted of 3.49 billion dollars in loans and 34 million in grants.

The report stated that $2.65 billion in foreign funding has been received in the form of budget support and $874 million in project assistance.

According to the report of the Ministry of Economic Affairs, funds of 2.234 billion dollars were received in the same period last year. During the first quarter of this fiscal year, the external funding of Pakistan has increased by 58%.

The report added, $2.89 billion funding was received in the first quarter immediately after the agreement with International Monetary Fund (IMF) which included $1.2 billion from the IMF and $1 billion from the United Arab Emirates (UAE), August.

Pakistan received $321 million in foreign funding in the month of September compared to $316 million in September last year.

According to the report, $2 billion was received from Saudi Arabia, $508 million from China, $490.5 million from various institutions and $324.5 million received as mutual loans.

The report by the Ministry of Economic Affairs also stated that $204.5 million was received from the Naya Pakistan Certificate, for a total foreign funding estimate of $17.62 billion during the current fiscal year.