Abdul Ghani

Pakistan mobilized $196.22 million in August 2025 through Naya Pakistan Certificates (NPCs), according to the Monthly Disbursement Report for August 2025 issued by the Ministry of Economic Affairs.

The report available with Wealth Pakistan shows that during the first two months of the fiscal year 2025-26, cumulative inflows through NPCs reached $364.55 million, confirming the role of these instruments in augmenting foreign inflows alongside traditional project and non-project assistance.

The Ministry’s tables list NPCs as a separate category of external inflows. For August alone, NPC disbursements were recorded at $196.22 million, representing one of the notable non-debt generating streams in the country’s external financing framework.

When combined with July’s receipts, the total mobilization through NPCs in the first two months of FY2025-26 amounted to $364.55 million. This cumulative figure is recorded alongside other categories of inflows such as project aid, budgetary support, commercial financing, bonds, IMF assistance, and deposits. The Ministry’s disbursement data confirms that NPCs contributed a meaningful share to overall inflows of $19.92 billion received by Pakistan during July–August 2025.

The Naya Pakistan Certificates are listed separately in the official tables, distinguishing them from project loans, grants, and bilateral deposits. This classification highlights the unique role of NPCs within the financing framework — distinct from external debt inflows and project assistance, yet fully accounted for in the Ministry’s reporting of foreign resources.

According to the report, NPCs had a budget estimate (BE) of $609 million for FY2025-26. The actual disbursement of $364.55 million in the first two months represents nearly 60 percent of the full-year estimate, indicating strong early mobilization through this instrument. The Ministry’s data suggests that if this pace is maintained, the annual target for NPCs could be achieved well before the end of the fiscal year.

In its August 2025 disbursement report, the Ministry notes that Pakistan’s total inflows in the first two months of the fiscal year stood at $19,922.60 million, of which project aid amounted to $3,111.88 million and non-project support, including deposits, IMF tranches, commercial banks, and bonds, totaled $16,662.79 million. NPCs are recorded separately within this overall framework, with their $364.55 million contribution clearly listed in the official accounts.

By documenting these inflows, the Ministry of Economic Affairs emphasizes the diverse sources of financing available to Pakistan. While large deposits and multilateral loans form the bulk of inflows, NPCs are acknowledged in the report as a consistent line of receipts, providing additional resources to meet the country’s foreign currency requirements.

The August disbursement report confirms that Naya Pakistan Certificates remain part of the government’s external financing portfolio, with $196.22 million recorded in August and a total of $364.55 million in the first two months of FY2025-26.

Credit: INP-WealthPk