The Pakistan Tehreek-e-Insaf (PTI)-led federal government received the following loans and grants during its first four months (September 2018 to December 2018) from the governments of Saudi Arabia, United Arab Emirates (UAE) and China;
From Saudi Arabia
Balance of payments support of US$ 3.0 billion has been received. This deposit is for one year at a profit rate of 3.0 percent per annum.
From China
The government of China has committed to extend grant assistance of RMB 2.0 billion (equivalent to US$ 298.98 million, as of February 28, 2019; 1US$ = 6.68920 CNY) over two years for socioÂeconomic sector projects in Pakistan. The project agreements will be signed separately.
Further, the Chinese side also committed to provide balance of payments support, the terms and conditions of which are being negotiated between the two sides.
From UAE
Balance of payments support of US$ 1.0 billion has been received. This deposit is for two years at a profit rate of 3.0 percent per annum.
Asad Umer also told the House that the amount of net internal loans borrowed by the incumbent government (September 2018 to December 2018) amounted to Rs 746 billion while external loans obtained during the same period amounted to US$ 1,313 million.
Note: The above information was shared with the Senate by the Federal Minister for Finance Asad Umar in reply to questions by the Pakistan Muslim League-Nawaz (PML-N) Senators Kalsoom Perveen and Najma Hameed.
