The Finance Ministry provides information on foreign debt over the previous five years.

The Ministry of Finance presented information to the National Assembly indicating that the federal government (the governments of Pakistan Tehreek-e-Insaf and Pakistan Democratic Movement) had taken out foreign loans totaling US$57.027 billion over the previous five years.

The Ministry of Finance got nearly US$9.08 billion in loans for development projects during that time, according to information presented to the National Assembly about Pakistan’s external indebtedness.

It further stated that the interest paid on the loan repayment was US$3.09 billion by the Ministry of Finance.

The Ministry of Finance further stated that interest payments of US$880 million were made on loans obtained for projects during this time.

Pakistan reportedly obtained debt rollover agreements from China, Saudi Arabia, and the United Arab Emirates (UAE) for a one-year period earlier on August 30.

Pakistan and the IMF last month struck a staff-level agreement for a fresh $7 billion loan package, according to an ARY News story that cited a Bloomberg article.

However, in order to receive the final approval from the IMF board for the new bailout, the South Asian country was purportedly in need of finance pledges from bilateral donors.

According to a Bloomberg story on Tuesday, Pakistan has “secured commitments from China, Saudi Arabia, and the United Arab Emirates to roll over debt for a year.” “Over the past few years, Pakistan has had bilateral loans totaling $12 billion extended.”

Finance Minister Muhammad Aurangzeb expressed optimism that the board will approve the staff-level agreement by the end of the month.