Islamabad, July 23 (IANS) Pakistan has borrowed a whopping $16 billion in foreign loans in just one year aimed to avoid default on international debt obligations and financing its imports, the Express Tribune reported on Tuesday.
The $16 billion worth of foreign loans have been obtained during fiscal year 2018-19, which included 11 months of the Pakistan Tehreek-e-Insaf (PTI) government, showed official documents of the federal government.
According to the report, out of the $16 billion, the PTI government took $13.6 billion worth of loans - the highest ever by any government in a single year. The remaining $2.4 billion had been received in July 2018 during tenure of the caretaker setup.
The $16-billion loans in the just-ended fiscal year included disbursement of $5.5 billion by Saudi Arabia, the United Arab Emirates and Qatar. However, the data that the economic affairs ministry will publish this week will not show $5.5 billion as part of federal government loans, according to sources.
The government would officially disclose loan disbursements for fiscal year 2018-19 at $10.5 billion, the sources said. The remaining $5.5 billion has been booked on balance sheet of the State Bank of Pakistan (SBP).
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
