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The federal government has prepared a plan to roll over a $9 billion loan from China and Saudi Arabia for the current fiscal year. Pakistan has over $20.8 billion in payments due, while it has assurances of $10.7 billion in project financing.
The briefing mentioned that the government is in contact with the Arab Coordination Group and the Qatar Fund for Development for funding. External financing for the Diamer-Bhasha Dam will be arranged, and the first phase of the Dasu Hydropower Project is expected to be completed by 2027.
The Standing Committee on Economic Affairs Division, chaired by Muhammad Atif (MNA), convened at the Parliament House to receive a comprehensive briefing from Dr. Kazim Niaz, Secretary of the Ministry of Economic Affairs.
The briefing covered the Ministry’s evolution, mandate, organizational structure, and key functions such as foreign economic assistance management, external debt, and policy-making for local NGOs.
Officials were further informed that the Islamic Development Bank would provide a $500 million loan for oil and commodities, while Saudi Arabia declined to provide the deferred oil facility again.
Under the Geneva Donor Conference, Pakistan has so far received $3 billion, out of which $500-600 million are grants and the rest are loans.
The Ministry of Economic Affairs informed the committee that there is no clear mechanism for monitoring all NGO projects across the country, but it is ensured that NGO funding is not used for terror financing.
Earlier, Dr. Niaz detailed EAD’s pivotal role in coordinating with international financial institutions, securing foreign economic assistance, and managing Pakistan’s external debt through strategies for debt sustainability and risk management.
The Ministry’s commitment to economic growth, stability, and sustainable development was underscored, alongside efforts to align foreign assistance with national priorities.
Challenges such as shrinking concessional finance, global inflation, and legal issues with NGO policies were highlighted. Muhammad Atif praised the Ministry’s role in advancing Pakistan’s economic agenda and emphasized the committee’s support for economic growth and stability initiatives. Committee members are committed to overcoming challenges and leveraging opportunities for economic progress.
The briefing concluded with a commitment to continued collaboration between the Standing Committee and the Ministry to achieve shared economic goals and ensure the implementation of policies promoting prosperity and stability in Pakistan.
