ISLAMABAD - Pakistan will once again borrow massively from the external sources as the government estimated to take loans of Rs1118 billion (around $11 billion) during next fiscal year.

The government has plan to take foreign loans worth Rs1118 billion during upcoming financial year (FY2019) as against Rs1229.8, according to the revised estimates of the outgoing year (FY2018). Pakistan’s total public debt has already stood at Rs23,608 billion at end February 2018. Similarly, External Debt and Liabilities (EDL) stock stood at $91 billion at end February 2018.

According to the budget documents, the government has budgeted Rs351 billion from the commercial banks for FY2019 against revised estimates of Rs406.294 billion of the FY2018. The government has budgeted Rs234 billion from Sovereign Bonds for FY2019. No amount was estimated for the current fiscal year 2017-18 from sovereign bonds, however, later revised it to Rs274.375 billion.  The government has estimated no amount from the Sukuk Bond for the next fiscal year, however, Rs105.5 billion was estimated for 2017-18.

Pakistan would receive Rs98.39 billion from China during FY2019 as against revised estimates of Rs150.286 billion of the outgoing year.

The government has budgeted estimates of Rs161.63 billion from the Asian Development Bank (ADB) for 2018-19 as against revised estimated of Rs102.79 billion of FY2018. International Development Association (IDA) would give loan of Rs71 billion budgeted for next fiscal year from the revised to Rs69.745 billion of the outgoing year.

Islamic Development Bank (IDB) would give loan of Rs119.479 billion for next fiscal year against Rs164.599 billion for the current fiscal year which was later revised to Rs146.349 billion. The government has budgeted estimates of Rs20.9 billion from International Bank for Reconstruction and Development (IBRD) for the next fiscal year against Rs7.14 billion for the current fiscal year which was later revised to Rs25.9 billion.

The government has estimated budgeted assistance of Rs6.1 billion from France for 2018-19 against Rs16.55 billion for the current fiscal year which was later revised to Rs5.395 billion. Similarly, an amount of Rs5.57 billion has been estimated from Korea for next fiscal year against Rs4.7 billion for the current fiscal year which was revised to Rs1.2 billion. Meanwhile, Rs40 million has been estimated from Turkish Exim Bank for next fiscal year against Rs80 million for the current fiscal year which was revised to zero.

The United States would give Rs13.523 billion during next fiscal year against Rs12.4 billion for the current fiscal year which was later revised to Rs10.19 billion, Rs4.7 billion has been estimated for 2018-19 against from Japan against Rs4.56 billion for 2017-18 which was later revised to Rs10.785 billion.