PTI government borrowed US$ 10.37 billion loans in its first year


ISLAMABAD, Pakistan: The Pakistan Tehreek-e-Insaf (PTI)-led incumbent government obtained US$ 10,368.11 million as loans from August 18, 2018 to September 30, 2019 from various institutions and governments, the Minister for Economic Affairs Muhammad Hammad Azhar told the National Assembly.

Sharing the details with the House of loans obtained from various financial institutions/banks and friendly countries from September 2018 to September 2019, the minister told that US$ 4,805 million were borrowed from financial institutions & banks while friendly countries deposited US$ 5,500 million in the State Bank of Pakistan.

The minister further told that loans obtained from financial institutions and banks are short term, having a tenor of one to three years, and an average all-in cost of three month Libor plus 3.28 percent. He also told that deposits from friendly countries are at an interest rate of three percent.

In addition to that, the minister for economic affairs apprised the House that the Gross Public Debt increased by Rs 9.3 trillion between June 2018 and September 2019, out of which Rs 3.7 trillion (40 percent) was borrowed for meeting the budget deficit; Rs 2.6 trillion (28 percent) was due to currency depreciation; and the remaining increase of Rs 3.0 trillion (32 percent) was on account of higher cash balances.

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