Pakistan borrowed $1.81 billion in foreign loans during the first quarter (July–September) of the current fiscal year 2025–26, according to official data released by the Economic Affairs Division (EAD).
The report shows that the country did not raise any commercial foreign loans in this period. In comparison, Pakistan had received $1.3 billion during the same quarter of the last fiscal year.
For FY26, the government has set a target of $19.92 billion in total foreign loans and grants. This includes $9 billion in deposits from Saudi Arabia and China’s SAFE deposits — both expected to be rolled over — leaving $10.9 billion to be raised through fresh disbursements.
During the first quarter, Pakistan received $334.8 million from bilateral partners. Saudi Arabia provided $300 million under the Saudi Oil Facility, while other inflows included China ($9.75 million), France ($8.5 million), Germany ($3.03 million), Japan ($6.16 million), Korea ($4.21 million), Kuwait ($0.3 million), Saudi Arabia ($2.59 million), and the USA ($0.25 million).
Multilateral creditors disbursed $939.28 million in the same period. The World Bank was the largest contributor, providing $287.32 million (IDA) and $144.94 million (IBRD). The Islamic Development Bank (IsDB) gave $311.43 million in short-term borrowing and $50 million for project financing.
Other multilateral inflows included $116.96 million from the Asian Development Bank (ADB), $20.7 million from the Asian Infrastructure Investment Bank (AIIB), and $7.45 million from the International Fund for Agricultural Development (IFAD).
Additionally, the government fetched $541.57 million through Naya Pakistan Certificates in the first quarter.
So far, Pakistan has not issued any international bonds, nor has it raised commercial loans or budgetary support financing in FY26.
