Pakistan secured $763 million in foreign loans and grants in July 2026, marking an increase from $694.5 million received during the same month last year, according to official data released by the Economic Affairs Division.
The increase came despite a decline in bilateral and multilateral financing, mainly due to a sharp rise in inflows through Naya Pakistan Certificates (NPCs).
NPC inflows through conventional and Islamic modes reached $344 million in July 2026, compared with $196.22 million in July 2025.
The conventional mode attracted $97.32 million, while Islamic-mode NPCs accounted for $246.67 million.
The stronger NPC inflows helped offset lower disbursements from bilateral and multilateral creditors during the month.
Pakistan received $146 million in guaranteed loans from China during July.
Meanwhile, bilateral loans and grants declined significantly to $19.6 million, compared with $118.4 million a year earlier.
Of the bilateral funding, France provided $1.3 million, Germany $9.94 million, Japan $0.94 million, and Saudi Arabia $7.42 million.
Multilateral creditors disbursed $252.83 million to Pakistan in July 2026, down from $379.8 million during the same period last year.
The World Bank was the largest multilateral contributor, disbursing $130 million through IDA lending and another $29.22 million through IBRD financing.
The Asian Development Bank provided $59.17 million, while the Asian Infrastructure Investment Bank contributed $6.57 million.
The Islamic Development Bank disbursed $1.75 million along with $22.71 million in short-term financing. Meanwhile, IFAD and the OPEC Fund provided $2 million and $0.76 million, respectively.
Despite weaker bilateral and multilateral disbursements, Pakistan’s total foreign loans and grants increased year-on-year in July.
The rise was primarily supported by stronger Naya Pakistan Certificate inflows, highlighting the growing contribution of these instruments to Pakistan’s external financing during the month.
