ISLAMABAD -  Pakistan had taken another $300 million as loan during February amid depleting foreign exchange reserves of the country.

The country had received $4.9 billion during eight months of the ongoing financial year 2016-17, which is 61 percent of the annual projected loan of $8 billion. The government is taking loans amid decline in the country’s foreign exchange’s reserves. The reserves had come down to $22.1 billion from historic level of $24 billion due to the heavy repayment to the foreign loans.

The break-up of $22.1 billion showed that State Bank of Pakistan’s (SBP) reserves is $17 billion and commercial banks reserves are $5.1 billion. Two major components of the loans of $4.9 billion were issuance of Sukuk bond worth of $1 billion and $1.2 billion borrowing from the commercial banks. The government had taken these loans to bridge its budget deficit and building the country’s foreign exchange reserves.

In the budge 2016-17, the government had estimated to generate $1.75 billion from issuance of bonds in international market. Therefore, it could issue another bond to build its reserves.

Pakistan had borrowed $1.02 billion from China in the first eight months of current fiscal year, which is higher than the Chinese commitment of $572.3 million. The Asian Development Bank (ADB) has given $726.6 million against the budgeted estimates of $1048.2 million.

Similarly, Pakistan has received loan worth of $212.4 million from IDB (S-Term), $146.5 million from International Bank for Reconstruction and Development (IBRD), $131.8 million from International Development Association (IDA), $136.7 million from UK, $63.46 million from IDB and $42.8 million from Japan in the eight months of the ongoing fiscal year.

The government received no assistance from EU, France, Korea, Norway, Oman, Saudi Arabia, UNDP and Organisation of the Petroleum Exporting Countries (Opec) during the period under review.