Amount borrowed by the Government from abroad during the last 3 months

According to the information made available to the National Assembly by Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, (Mr. Muhammad Ishaq Dar), the Government has contracted foreign loans of US$232.85 million from IDB and Saudi Arabia during the period from 01-07-2013 to 30-09-2013. Interest rate on US$132.850 million Commodity Murabaha Financing from IDB is 2.77% and the interest rate on US$100.000 million loan for Neelum Jhelum Hydropower Project from Saudi Arabia is 2.00%.

The disbursements during the same period against the old loans signed prior to 01-07-2013 was US$346.44 million. On September 4, 2013 the Executive Board of the International Monetary Fund (IMF) approved financing arrangements under Extended Fund Facility (EFF) for SDR 4.393 billion ($6.64 billion) at interest rate in the range 2-3% to support country’s economic reform program. Pakistan has received an amount of SDR 360 million (about US$544.5 million) during August-October, 2013 from IMF.

Note: The above information is based on the question & sessions of the National Assembly of Pakistan. Please visit the official website of the National Assembly for details.

About National Assembly: The National Assembly of Pakistan is the country's sovereign legislative body. It embodies the will of the people to let themselves be governed under the democratic, multi-party Federal Parliamentary System. The National Assembly makes laws for the Federation in respect of the powers enumerated in the Federal Legislative list. Through its debates, adjournment motion, question hour and Standing Committees, the National Assembly keeps as check over the Executive and ensures that the government functions within the parameters set out in the Constitution and does not violate the fundamental rights of citizens. Only the National Assembly, through its Public Accounts Committee, scrutinizes public spending and exercises control of expenditure incurred by the government.

Tags: Pakistan, Economics, Business

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