Islamabad, 5 June 2024, (GNP): Pakistan has received $2.8 billion from international investors against the $11 billion commitment made in the Geneva Conference for the flood-affected population to date.
It could spend only half of the received amount on the flood victims, with the remaining going for budget financing.
Almost half of the total expenditure of $2.8 billion were on account of non-flood-related loans, mainly given in the shape of oil financing and budgetary support.
The Ministry of Economic Affairs has termed the $2.8 billion expenditure a significant achievement, as 20% releases were made so far against over $8 billion commitments for various projects.
On Tuesday, Pakistan apprised the international investors’ community that it has received $2.8 billion to date against the $11 billion commitment made about one-and-a-half years ago.
Minister for Economic Affairs Ahad Khan Cheema shared the numbers during the 4th meeting of the International Partners Support Group (IPSG), according to a press statement.
The minister said that against the $11 billion pledges made at the “International Conference on Climate Resilient Pakistan” held in Geneva, $2.8 billion were disbursed up to April 2024.
The Saudi Development Fund had committed $1 billion in loan, which it has given in the shape of oil financing and is part of the $2.8 billion expenditures.
The Paris Club and the European Union have also released $65 million against the Geneva commitment , mostly in the shape of the grants. The United States also released $61 million in grants.
Pakistan’s foreign arrivals have been slowing down due to weak economic conditions despite the availability of the International Monetary Fund umbrella.
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For the next fiscal year, the government is aiming at receiving a total $6.1 billion in bilateral and multilateral lending but its numbers are not crossing $5.4 billion so far.
The Economic Affairs Ministry stated that the representatives from bilateral and multilateral development partners, including ambassadors from south Korea, UAE, China, Russia, Japan, Kazakhstan, Norway, Australia, and diplomats from Germany, China, Sweden, Azerbaijan, the US, Qatar, Turkey, Netherlands, France, Switzerland, as well as officials from the Canadian and British high commissions, attended the Support Group meeting.
Representatives from various international organizations such as the UNRC, the World Bank, USAID, the ADB, the IMF, the AIIB, the UNDP, the EU, KfW, UNICEF, IsDB, WFP, AICS, and ADB were also present.
