Pakistan highlighted reduction in time deposits and foreign debt in the budget.
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Pakistan has not received any time deposits amounting to $9 billion during July to October of the current financial year (2024-25) as against $3 billion received during the same period of the previous financial year.
According to a report by the Business Recorder on Thursday, data from the Economic Affairs Division (EAD) showed that the government has budgeted $9 billion for time deposits for the current fiscal year, including $5 billion. These include the Saudi Arabia Time Deposit and the $4 billion Safe China Deposit. year, but received no money during the first 4 months.
Citing sources, the same report revealed that Pakistan had budgeted $3 billion in time deposits for the last financial year 2023-24, with $2 billion from Saudi Arabia and $1 billion from the United Arab Emirates. were included. A $3 billion time deposit from KSA and UAE was also completed in the first month of last financial year.
Data from the Economic Affairs Division (EAD) further shows that the government has budgeted $3.779 billion from foreign commercial banks for the financial year 2024-25. Pakistan received $200 million in this regard in September. According to records, the government did not borrow from commercial banks in July, August and October.
On the other hand, Pakistan has budgeted $19.393 billion from various financial sources for the fiscal year 2024-25, including $19.216 billion in loans and $176.29 million in grants. However, it does not include any money from the International Monetary Fund (IMF).
According to the report, Pakistani officials have said they have secured adequate financing from international partners to support its economic reform program and steadily expand external buffers. Current estimates indicate that, after including already existing commitments, the remaining financing requirements over the program period will be approximately $5 billion.
