The government of Pakistan borrowed Rs515 billion during the first quarter (July–September) of the fiscal year 2025–26, marking a 41% increase from Rs363 billion borrowed in the same period last year, according to a report by the Ministry of Economic Affairs. The breakdown shows Rs198 billion borrowed in July, Rs192 billion in August, and Rs124 billion in September, with total borrowing for the fiscal year projected at Rs5.777 trillion.
The report revealed that under project financing, Pakistan expects to secure $6.4 billion through bilateral and multilateral agreements this year. The government plans to issue only $400 million in bonds—lower than last year’s amount—and $250 million in Panda Bonds in the Chinese market, along with $610 million in Naya Pakistan Certificates.
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In September alone, Pakistan received $436.6 million in loans, including $259.6 million from bilateral and multilateral sources and $177 million from Naya Pakistan Certificates. The country also received $100 million under the Saudi Oil Facility in August, with a total of $1 billion expected under this head for the fiscal year.
The report further stated that external financing is estimated to exceed $19.92 billion, while total expected borrowing could reach $25 billion, including $12 billion in rollovers from friendly countries and $2 billion under the IMF program. Saudi Arabia and China will roll over $9 billion in safe deposits—$5 billion from Saudi Arabia and $4 billion from China—as part of IMF arrangements. Major project financing partners include the World Bank, Asian Development Bank (ADB), and Islamic Development Bank (IsDB).
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