For the fiscal year 2024-25, the budget allocates a total of Rs. 5.906 trillion from external sources, marking a 17% increase from the revised estimate of Rs. 5.035 trillion in the outgoing fiscal year. This amount is nearly 18% lower than the budgeted Rs. 7.169 trillion for the current fiscal year.
Within the external financing framework, the government plans to borrow Rs. 1.144 trillion from foreign commercial banks, compared to Rs. 1.305 trillion budgeted for 2023-24, which was later adjusted down to Rs. 285 billion by April-end without any funds received under this category. The allocation for project loans is set at Rs. 323.266 billion for 2024-25, significantly up from Rs. 68.311 billion initially budgeted for the current fiscal year, later revised to Rs. 290.644 billion.
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Regarding program loans, the budget anticipates Rs. 277.890 billion in external assistance for 2024-25, a decrease from Rs. 788.170 billion budgeted for 2023-24, later revised to Rs. 373.457 billion.
Specifically concerning Saudi Arabia, no budget allocation has been made for the oil facility or time deposit for 2024-25, unlike the Rs. 870 billion and Rs. 570 billion respectively budgeted for 2023-24, the latter later adjusted to Rs. 171 billion. However, a significant sum of Rs. 1.475 trillion is anticipated from the KSA time deposit, compared to Rs. 580 billion initially budgeted for the current fiscal year, revised to Rs. 1.425 trillion. Additionally, no funds are earmarked from the New Deposit UAE for 2024-25, contrasting with Rs. 290 billion budgeted for 2023-24, later revised to zero.
In terms of other sources, the government has excluded any IMF budgetary support for 2024-25, in contrast to Rs. 696 billion budgeted for the current fiscal year, later revised to zero. However, Rs. 1.180 trillion is expected from Safe deposits, slightly up from Rs. 1.160 trillion for 2023-24, revised to Rs. 1.140 trillion. The allocation for Euro bonds is Rs. 295 billion for 2024-25, down from Rs. 435 billion in the initial budget for 2023-24, later adjusted to zero. Furthermore, Rs. 137.145 billion is earmarked from Naya Pakistan Certificates for 2024-25, compared to zero for 2023-24, later revised to Rs. 134.235 billion.
