Pakistan received $3.74 billion in external financing during September 2026, bringing total inflows for the first quarter of fiscal year 2027 to $5.45 billion, according to the latest report from the Economic Affairs Division (EAD). International bond proceeds accounted for the largest share of September’s financing, while multilateral and bilateral development partners continued to provide financial assistance. The figures highlight the range of funding sources supporting Pakistan’s external financing requirements, including international capital markets, development institutions, foreign commercial borrowing and programme-based assistance.
Disbursements from bilateral and multilateral development partners totalled $318.75 million in September, taking their cumulative contributions for July to September to $952.26 million. Multilateral institutions provided $303.27 million during the month, bringing their combined disbursements for the first quarter to $894.17 million. Bilateral development partners contributed $15.48 million in September, raising their cumulative total for the quarter to $58.10 million. However, the largest individual financing component was the $2.95 billion raised through international bonds, demonstrating the significant contribution of market-based borrowing to September’s external inflows.
Among multilateral development partners, the International Development Association (IDA), part of the World Bank Group, was the largest contributor in September, disbursing $120.56 million. Its cumulative disbursements for FY2027 reached $359.04 million by the end of the month. The Asian Development Bank (ADB) provided $57.79 million during September, taking its cumulative contribution to $153.55 million. The Islamic Development Bank’s short-term facility disbursed $47.18 million, bringing its total for the fiscal year to $238.44 million. Meanwhile, the International Bank for Reconstruction and Development (IBRD) released $36.30 million, taking its cumulative disbursements to $83.79 million.
Other multilateral institutions also contributed to Pakistan’s external financing during the month. The Islamic Development Bank provided $26.53 million in September, bringing its cumulative total to $28.27 million. The Asian Infrastructure Investment Bank disbursed $12.71 million, raising its FY2027 total to $26.05 million. The International Fund for Agricultural Development contributed $1.81 million during September, taking its cumulative disbursements to $3.87 million, while the OPEC Fund provided $0.40 million, bringing its total to $1.15 million. These contributions formed part of the development assistance received through international institutions during the first quarter.
Bilateral assistance remained comparatively limited in September, with France and Saudi Arabia among the contributing partners. France disbursed $4.08 million during the month, taking its cumulative contributions for FY2027 to $20 million. Saudi Arabia provided $3.97 million, raising its total to $12.87 million. Germany contributed $1.82 million in September, bringing its cumulative disbursements to $14.69 million, while Japan provided $0.56 million, taking its total to $2.26 million. Denmark, South Korea and the United States recorded no new disbursements during September, leaving their cumulative contributions unchanged at $3.15 million, $5.02 million and $0.08 million, respectively.
China’s guaranteed bilateral loan for the Chashma Nuclear Power Plant-5 project recorded a disbursement of $158.91 million in September. This brought the project’s cumulative disbursements for FY2027 to $305.53 million. The financing was recorded separately from the contributions listed under other bilateral development partners, reflecting the importance of project-linked funding within Pakistan’s external financing arrangements. Such financing supports designated development projects, while other forms of external assistance can be directed towards broader fiscal and economic requirements.
International bond issuance represented the most substantial source of September’s external inflows. Pakistan received $2.95 billion from two international bonds, comprising $1.73 billion from the $1.75 billion bond carrying a 7.5% coupon and maturing in 2032, and $1.22 billion from the $1.25 billion bond carrying a 7.9% coupon and maturing in 2036. These proceeds accounted for a major portion of the month’s total financing. Commercial banks recorded no fresh disbursements during September, while FY2027 inflows from United Bank Limited’s Dubai operations remained unchanged at $300 million.
Foreign commercial borrowing through the Naya Pakistan Certificate (NPC) scheme also contributed to the country’s external financing position. The scheme recorded inflows of $312.95 million in September, including $118.41 million through its conventional facility and $194.54 million through its Islamic facility. The combined inflows brought cumulative NPC financing for the first quarter of FY2027 to $942.71 million. The figures indicate that the scheme continued to attract funds through both conventional and Shariah-compliant investment arrangements.
A breakdown by purpose showed that non-project assistance accounted for most of September’s external financing. Non-project disbursements reached $3.32 billion during the month, including $3.26 billion in budgetary support, $47.18 million under the Islamic Development Bank’s short-term facility and $14.65 million in programme assistance. Cumulative non-project disbursements for the first quarter of FY2027 stood at $4.54 billion. In comparison, project-based disbursements totalled $415.82 million in September, taking their cumulative amount to $907.71 million for the quarter.
The financing figures show that Pakistan’s external inflows during the first quarter of FY2027 relied heavily on international bond proceeds, budgetary support and borrowing through the Naya Pakistan Certificate scheme, alongside assistance from multilateral and bilateral partners. Although development institutions continued to provide funding, the scale of September’s bond proceeds made international capital market borrowing the dominant component of the month’s inflows. The composition of financing remains important for assessing the country’s funding sources, particularly as budgetary support, project financing and commercial borrowing serve different economic purposes and carry different repayment obligations.
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