Islamic Development Bank to Provide Pakistan $500 Million Loan for Oil Imports
Pakistan is set to receive a $500 million loan from the Islamic Development Bank (IsDB) during the current financial year, according to top sources in the Economic Affairs Division.
The first tranche of $10 million is anticipated this month and will be used to cover oil imports for the first quarter of the fiscal year. Following this, the IsDB will disburse $150 million in the next quarter and an additional $250 million in the third and fourth quarters.
This financial assistance comes as Pakistan’s oil purchase agreement with Saudi Arabia has concluded. Last year, the IsDB had already provided $250 million for oil imports.
The loan is part of a larger commitment from the IsDB, which pledged $3.6 billion at the Geneva Donor Conference last year to support Pakistan’s economic needs.
