Pakistan incurres over USD 13 bn debt in 10 months

 Pakistan’s failure in handling its economy is an unpleasant result of its own actions as the country incurred a foreign debt of USD 13.033 billion from multiple financing sources in the first 10 months (July-April 2021-22) including USD 2.623 billion from foreign commercial banks for the entire fiscal year.

The Economic Affairs Division (EAD) on Monday released data which shows that the country received a hefty sum of USD 262.14 million from multiple financing sources in April 2022. However, no amount was borrowed from foreign commercial banks during the April band, Business Recorder reported.

As per the reports, the external inflows during the corresponding period (July-April) of the fiscal year 2020-21 were USD 10.195 billion including USD 3.246 billion from foreign commercial banks against the budgeted amount of USD 12.233 billion. The government has budgeted estimates of foreign assistance of USD 14.088 billion for the current financial year, including USD 13.871 billion in loans and USD 217.44 million in grants from multilateral and bilateral sources, including the International Monetary Fund (IMF).