Pakistan's PTI government-contracted $10.447 billion worth of new foreign loans from multilateral institutions and commercial banks during the fiscal year 2019-20, almost one-fourth higher than previous year’s $8.4bn.

According to the Annual Report on Foreign Economic Assistance 2019-20 released by Ministry of Economic Affairs, 99 per cent of the new commitments were for loans and the remaining 1pc in grant commitments.

Out of the total new agreements of $10.447bn, more than $6.79bn financing agreements were signed with multilateral agencies, $3.463bn with foreign commercial banks and $193 million with bilateral lenders.

The report said the high level of commercial financing worth $3.463bn — accounting for 33pc of the total new commitments — had been secured from commercial banks to refinance maturing commercial debt during the year.

https://www.dawn.com/news/1595249/pakistan-signed-up-for-105bn-foreign-loan-in-fy20