| ISLAMABAD: Buoyed by the IMF stimulus, Pakistan’s foreign financing inflows rose by more than 27 times to $5.1 billion in July compared to less than $186 million a year ago, official data showed on Monday.
In its monthly report on foreign economic assistance, the finance ministry’s Economic Affairs Division said total foreign economic assistance in July amounted to $2.89bn compared to just $185.6m of the same month last year, showing an increase of 1,454 per cent.
This was in addition to $1.2bn released by the International Monetary Fund on July 13 as the first tranche of the $3bn Standby Arrangement (SBA) and $1bn by the United Arab Emirates, which are separately accounted for by the State Bank of Pakistan.
The bulk — $2bn — of foreign loans reported by the Economic Affairs Division came from Saudi Arabia’s time deposit, followed by a $508m guaranteed loan to Pakistan Air Force by China National Aero-Technology Import and Export Corporation. |
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