In the first month (July 2023) of the current fiscal year, Pakistan’s total foreign loans increased to USD 2.8 billion as a result of additional USD 2 billion time deposits from the Kingdom of Saudi Arabia (KSA) and USD 508 million in guaranteed loans from China for the Pakistan Air Force to purchase “Dragon” multirole fighter aircraft. These two substantial foreign loans helped raise foreign loans in July 2023 to USD 2.8 billion from a paltry USD 185 million in the same month the previous year (2022). Pakistan also received $100 million from the KSA in the shape of an oil facility in July 2023. All of these influxes of dollars helped Islamabad build up its foreign exchange reserves held by the State Bank of Pakistan (SBP).
This story is from the August 24, 2023 edition of The Business Guardian.
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This story is from the August 24, 2023 edition of The Business Guardian.
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