ISLAMABAD: Pakistan has received Rs1.2 billion from the United States in first six months (July-December) period of current fiscal year under the blocked money of F-16 planes.
According to provisional figures released by Finance Ministry, Pakistan’s total financing stood at Rs 99.888 billion in first six months which the military government filled with the help of domestic as well as external resources.
"The government received Rs 1.2 billion from the Bush administration under the long awaited F-16 blocked money in first six months of the ongoing fiscal year," a Finance Ministry official said.
The government received Rs 19.004 billion under Project Aid during the first six months of current fiscal year.
Pakistan also got money to the tune of Rs 17.177 billion under the Commodity Aid (non food) during the first two quarters of ongoing fiscal.
Islamabad received Rs 29.921 billion in shape of different loans and Rs 702 million under Foreign EB Certificate (net) in first six months of ongoing financial year.
The Special US Dollar Bonds (Bank) share stood at Rs 3.511b and Foreign Currency Bearer Certificates (net) remained Rs 41m.
Pakistan saved Rs 18.488 billion under Saudi Oil Facility during the current fiscal year. Islamabad is receiving oil on deferred payments after its nuclear explosion from Saudi Arabia from last four years.
"The country also received Rs 36.651 billion under Special Budgetary Support Grant from different countries in the wake of September 11 attacks on US," the official further stated.
Debt rescheduling in the first six months of current fiscal also saved Rs 21 billion of the country. These all contributed a major portion of Rs 99.88 billion budget deficit of first six months of the current fiscal year.
The budget deficit was financed through Rs 72.03 billion from external sources and Rs 27.85 billion from domestic sources. Pakistan made total repayments of Rs 67.15 billion, having long-term loans of Rs 36.66 billion and short term Rs 30 billion.
The domestic contribution was of Rs 27.85 billion and banks were repaid Rs 10.93 billion. The federal govt provided banks Rs 6.2 billion and provincial Rs 4.7 billion.
The non-bank financing of the budget was Rs 38.78 billion, with short-term Rs 3.82 billion and medium- and long-term Rs 42.6 billion.
The national savings money taken by government was Rs 20.2b and prize bonds were of Rs 3.32b and federal investment bonds were repaid of Rs 4.7b.
Pakistan’s economy faced acute losses in the wake of post-September 11 scenario which really shocked Islamabad’s endeavors to boost its exports, investment climate, privatization process and in shape of less revenue collection in ongoing financial year.
Pakistan’s economic managers conceded this fact that Pakistan lost US $ 2.5 billion in the wake of post September 11 scenario and the country faced severe shocks specially in terms of boosting exports and revenue collection.
"We have managed to fill yawning fiscal gap of current fiscal year with the help of external resources," an official said. Islamabad had already decided to readjust upward fiscal deficit target of current fiscal year during recently concluded talks with the IMF review mission.
The military government decided to set fiscal deficit target of 5.7 per cent from earlier envisaged target of 5.3 per cent in ongoing fiscal year. The IMF had already hinted that if Pakistan decided to increase social sector allocation, it could allow to increase fiscal deficit target up to 6 per cent in current fiscal year.