ISLAMABAD -  The government has taken more than $3 billion loan during five months (July to November) of the current fiscal year, following its policy on taking foreign loans.

The country’s overall debt and liabilities stood at $22.5 billion during the year 2016, which is far above than the level of $16.34 billion that was in 2013. Due to the massive borrowing, the country's debt to GDP went up to 64.9 percent as at end June 2016 from 63.8 percent, when the incumbent government took charge in June 2013.

The government had budgeted around $8 billion loans from foreign sources during ongoing financial year. However, the country had taken 37.5 percent of the annual loans during five months of the year 2016-17, which is $3.13 billion, according to the official documents. Largest component of the foreign loan was issuance of Sukuk bonds worth of $1 billion. The government had estimated to generate $1.7 billion from the auction of bonds in the ongoing financial year.

The government had also taken $900 million loans from the commercial banks during July-November period. The break-up of $900 million showed that Pakistan has taken $200 million from Noor Bank PJSC for budgetary support and $700 million from China Development Bank as non-project aid.

The documents of the Economic Affairs Division showed that Pakistan had borrowed $484.36 million from China in the first five months of current fiscal year. China would give $572.3 million to Pakistan in entire ongoing fiscal year. The Asian Development Bank (ADB) has given $202.03 million against the budgeted estimates of $1048.2 million.

Similarly, Pakistan has received loan worth of $214.4 million from IDB (S-Term), $29.1 million from International Bank for Reconstruction and Development (IBRD), $60.86 million from International Development Association (IDA), $54.54 million from UNHCR, $29.63 million from IDB and $42.8 million from Japan in the five 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.