ISLAMABAD: The government took huge loans of $9.3 billion in fiscal year 2015-16 from the international financial institutions and countries.
The International Monetary Fund (IMF) became the highest loan provider by disbursing around $2 billion during the year 2015-16. The government received $7.35 billion from multilateral and bilateral donors.
Due to the massive borrowing, Pakistan had to spend Rs1.3 trillion on debt servicing during last financial year 2015-16. The government has planned to take $8 billion foreign loans during ongoing financial year (2016-17).
According to the figures of Economic Affairs Division, the government took $1.4 billion from the commercial banks against the budgeted estimates of $200 million loans for the financial year (2015-16). The Asian Development Bank surpassed the budgeted estimates of $1.02 billion as the Bank provided $1.16 billion to Pakistan. World Bank under IDA released $1.4 billion as against the pledge of $1.7 billion. China was expected to be the largest single donor to Pakistan with a budgeted inflow of $3.05 billion, however, it disbursed only $976.43 million to Pakistan, missing the budgeted estimates by $2.073 billion.
