Pakistan received $1.29 billion more in external financial assistance in the first quarter of the current financial year as compared to the same period last year.

The Economic Affairs Division has released a monthly report regarding the loans and grants received from other countries.

From July to September 2023, Pakistan received $3.5273 billion from abroad, according to the report. Out of this, $3.49 billion are loans and $34 million grants.

The report states that during the same period in the last financial year, the country received financial assistance of $2.234 billion was received from abroad.

In the first quarter of the ongoing financial year, $2.65 billion were received for budget support and projects, the Economic Affairs Division reported. It added that $874 million were received in project aid.

The report further said that Saudi Arabia gave a loan of $2 billion to Pakistan in the form of time deposits, China's National Aero Technology Corporation provided $500 million for the Pakistan Air Force, reports

Various international financial institutions extended a loan of $490 million dollars to Pakistan, while $324 million was received from various countries.

Overseas Pakistanis invested $204.5 million in Naya Pakistan Certificates, as per the report, which also added that Pakistan received more than $320 million in external financial assistance in September 2023.

This assistance is besides the first tranche of $1.2 billion received from the IMF in the first quarter of the fiscal year.

Pakistan expects to receive more than $17.38 billion in external financial assistance in the current financial year, the report reveals.