Pakistan borrows $5.5b in three months, largely through bonds

ISLAMABAD – Pakistan borrowed $5. 5 billion in foreign loans during the first quarter (July–September) of the current fiscal year, with a significant portion raised through the issuance of commercial bonds. The country has set a target of borrowing $23. 38 billion in foreign economic assistance during fiscal year 2026–27 to bolster its foreign exchange reserves and meet maturing debt obligations. During the first quarter, Pakistan received $5. 5 billion, equivalent to 23. 52 percent of its annual borrowing target. A significant portion of the amount was raised through commercial bonds. In September 2026, Pakistan issued $3 billion through a landmark dual-tranche Eurobond sale, the country’s largest-ever single international bond issuance. The breakdown of the $5. 5 billion borrowing showed that Pakistan obtained $58. 1 million from bilateral sources, $894. 2 million from multilateral institutions, $2. 9 billion through bonds and the Naya Pakistan Certificates programme, and $300 million from commercial banks. CM Maryam awards gold medals to Kinnaird position-holders at 89th convocation Multilateral institutions disbursed approximately $894. 17 million during the quarter, while bilateral partners provided around $58. 10 million in financing to the central government. The International Development Association (IDA), a part of the World Bank Group, provided approximately $359. 04 million. The International Bank for Reconstruction and Development (IBRD) disbursed $83. 79 million, while the Asian Development Bank (ADB) provided $153. 55 million. Other multilateral financing included $26. 05 million from the Asian Infrastructure Investment Bank (AIIB), $28. 27 million from the Islamic Development Bank (IsDB), $238. 44 million from the IsDB’s short-term financing facility, and $3. 87 million from the International Fund for Agricultural Development (IFAD). Lahore Gymkhana comes under Punjab Assembly scrutiny Bilateral assistance included $20 million from France, $14. 69 million from Germany, $12. 87 million from Saudi Arabia, $5. 02 million from South Korea, and $2. 26 million from Japan. Separately, China provided $305. 53 million in guaranteed bilateral financing during the quarter. For the current fiscal year, Pakistan has projected total foreign borrowing of $23. 38 billion. According to the budget documents, the $23. 38 billion borrowing plan comprises $400 million from bilateral sources, $4. 866 billion from multilateral sources, $2 billion and $2. 35 billion from foreign commercial banks, $12 billion in bilateral deposits, $1. 122 billion through Naya Pakistan Certificates, and $530 million from the International Monetary Fund (IMF). Punjab disburses Rs14. 5b to prayer leaders under Honorarium Programme Under multilateral financing, Pakistan plans to obtain $1. 68 billion from the Asian Development Bank (ADB), $86. 337 million from the Asian Infrastructure Investment Bank (AIIB), $412. 019 million from the International Bank for Reconstruction and Development (IBRD), $1. 434 billion from the International Development Association (IDA) of the World Bank, $39. 758 million from the International Fund for Agricultural Development (IFAD), $186. 64 million from the Islamic Development Bank (IsDB), $1 billion through the IsDB’s short-term financing facility, and $8. 769 million from OPEC funds. Under bilateral sources, the government has budgeted $97. 641 million from China, $50 million from Denmark, $94. 315 million from France, $10. 894 million from Germany, $0. 89 million from Italy, $15. 945 million from Japan, $29. 224 million from South Korea, $20. 641 million from Kuwait, $5. 32 million from Oman, $23. 889 million from the United States, $47. 182 million from Saudi Arabia, and $4. 483 million under block allocation for the next fiscal year. Azma wins defamation case against PA Opp Leader Moeen Qureshi

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