Pakistan Plans Massive USD 23 Billion Borrowing Next Fiscal Year

Pakistan plans to borrow over USD 23 billion in the next fiscal year to finance its development and meet external financing requirements. The country's foreign and economic policies will remain dependent on institutions like the IMF. Prime Minister Shehbaz Sharif cited investment pledges, but no concrete agreements have materialized yet.

Pakistan is set to borrow a minimum of USD 23 billion in the upcoming fiscal year to finance its development and meet external financing needs, a move that will continue to tether the nation's foreign and economic policies to global financial entities such as the IMF.

Budget documents for fiscal year 2024-25 reveal that the government plans to raise at least USD 23.2 billion. This includes USD 20 billion earmarked in the budget and a rollover of USD 3 billion from the UAE for balance of payments support.

Prime Minister Shehbaz Sharif has announced investment pledges amounting to USD 15 billion from Saudi Arabia and the UAE. However, these commitments have yet to transform into actionable agreements.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)