ISLAMABAD: Inflow of foreign loans and grants to Pakistan increased 14 per cent to $3.032 billion in the first five months (July-November) of the current fiscal year compared to $2.667bn, mainly on the back of support from the International Monetary Fund (IMF).
Inflows in November alone amounted to $511m, relatively higher than $471m in October, but almost 46pc lower than $944m in the same month of last year.
Of the total, foreign loan inflows rose 46.22pc to $2.521bn in 5MFY26 compared to $1.724bn last year. Grants, on the other hand, fell by 43pc to $54m from $94m in the same period last year.
These inflows do not include $1.2bn disbursed by the IMF early this month and would be accounted for later.
MoF reports Pakistan receives over $3.03bn, including grants
The target for total foreign inflows for current year has been set at $19.9bn compared to $19.4bn last year.
In July-November of 2023, Pakistan was able to materialise more than $4.3bn mainly because of signing of the 9-month Stand-By Arrangement (SBA) with the IMF. As a result, Pakistan received a major injection of $2bn in time deposit from Saudi Arabia. In fact, total inflows in July 2023 had amounted to $5.1bn that also included $1.2bn from the IMF and another $1bn from the UAE.
The Ministry of Economic Affairs on Tuesday said that total foreign inflows in 5MFY26 stood at $3.032bn compared to $2.667bn last year. The EAD said that out of total inflows, $1.157bn was received for project financing compared while non-project inflows amounted to $1.875bn.
This meant about $966m loans were received in five months for budget support. This is despite the fact that annual target for budget support this year was set at $13.5bn compared to $15bn last year. The authorities were also able to materialise $500m against Saudi Oil facility in five months, at a set rate of $100m each month, of the fiscal year against an annual target of $1bn.
Against a full year target of $5bn from multilaterals (excluding IMF), Pakistan got only $1.258bn in five months from multilateral lenders against $1.46bn of same period last year when the annual target was $4.5bn.
Total inflows from bilateral lenders (other than three strategic friendly countries) in five months of the year amounted to $808m against annual target of $1.36bn but was 200pc higher than $269m of same period last year when the full year target was $523m.
Total inflows from bilateral and multilateral lenders amounted to $2.066bn in five months of this year against the annual target of $6.4b. Last year, the government had secured $1.73bn from bilateral and multilaterals against annual target of $5.05bn.
Inflows from overseas Pakistanis increased to $966m in five months, up from $735m of same period last year in the shape of Naya Pakistan Certificates. The government has targeted a total of $609m through these certificates during the current year, which has already been surpassed by a wide margin.
The full year $19.9bn target for current fiscal year includes $6.4bn from both multilateral and bilateral lenders including $5.05bn from multilaterals and $1.36bn from bilateral lenders, $400m in international bonds, $3.1bn foreign commercial loans, $5bn time deposit from Saudi Arabia and $4bn SAFE deposit from China.
Published in Dawn, December 24th, 2025
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