Govt of Pakistan took $2.3 billion loan in 6 months of FY2019

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Islamabad: According to sources, the Government of Pakistan borrowed the huge $2.3 billion in the first half of the ongoing fiscal year.

Economic Affairs Division revealed that the Pakistani government took $2.3 billion loan in July-December period of fiscal year 2018-19. In the first 6 months of ongoing fiscal year, the govt took $500 million from commercial banks, and $836 million from China.

In addition, they also borrowed $272 million from the Islamic Development Bank and $339 million in loans from the Asian Development Bank. In the same time period during 2017, the borrowing was at $5.9 billion through the external sources.

Earlier IMF asked the Pakistani government to take new measures on the taxation front. However, International Monetary Fund urged the country to enhance its revenue collection on the short term basis.

International Monetary Fund Director Communications Department Gerry Rice said that discussions with Pakistan are still in progress towards the reforms of economy stabilization and the understanding on policy priorities. Gerry Rice briefed that their staff is in continuous discussion with Pakistani officials.

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