The amount of aid and loans committed by multilateral lenders as well as developed countries increased to $11.3 billion during the fourth quarter of 2014, the National Economic and Development Authority (Neda) reported over the weekend.
In a statement, Neda noted that the overall net commitment for official development assistance (ODA)-assisted programs and projects during the October to December period was higher than the $8.11 billion recorded in the fourth quarter of 2013.
The fourth quarter net commitment was comprised of 13 program loans worth $4.1 billion on top of 62 project loans amounting a total of $7.2 billion. Two-fifths of the pledges were allocated to infrastructure development, according to Neda.
In the fourth quarter of last year, the World Bank was the biggest source of loans with $4.5 billion or 39.5 percent of the total. The Japan International Cooperation Agency committed $3.4 billion, while the Asian Development Bank pledged $2.2 billion.
Also, the disbursement level of ODA-funded programs and projects tripled to $1.6 billion during the October to December 2014 period from $546.4 million in the same three-month period of 2013.
Citing a report of its Monitoring and Evaluation Staff (MES), Neda said the faster utilization of aid flows during the fourth quarter came on the back of increased actual loan drawdown from 13 program loans worth a total of $1.1 billion. In contrast, the drawdown during the fourth quarter of 2013 amounted just $182.6 million.
The disbursement rate or the actual disbursement level as a percentage of the target jumped to 68.3 percent in 2014 from 50.3 percent in 2013, although lower than the acceptable threshold of 70 percent.
As for the availment rate or the ratio of actual utilization to the loan schedule, it not only surpassed the threshold but also rose to 77 percent during the fourth quarter of last year from 73 percent in the previous year.
The disbursement ratio or the actual drawdown against the available net loan amount went up to double-digit levels of 21.6 percent in the fourth quarter from a single-digit rate of 9.3 percent during the last quarter of 2013. The improved disbursement ratio was attributed by Neda to the infusion of $2.04 billion in new program loans, of which almost half was disbursed within 2014.