Pakistan Economic Crisis
Pakistan to borrow Rs 5.5 trillion from international lenders in the ongoing fiscal year
Islamabad: Pakistan is all set to borrow a whopping Rs 5.5 trillion from international lenders in the current fiscal year to maintain its foreign exchange reserves, repay previous loans and financing of current account deficit.
Earlier, in the annual budget 2022-23, the government had projected to borrow only Rs 3.17 trillion from international sources in the ongoing financial year.
However, the budget documents lacked financing from the International Monetary Fund (IMF), Saudi Arabia and of SAFE China deposit, reports The Nation.
The volume of the projected international borrowing has now increased to Rs 5.5 trillion after incorporating funding from aforesaid sources.
The borrowing would be 74 percent higher than the previous estimates of the government.
After the revision, the external resources of Rs5.503 trillion projected for 2022-23 are greater by more than 200 per cent from the initial Rs 2.7 trillion budgeted for 2021-22.
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