Pakistan is set to receive a $500 million loan from the Islamic Development Bank (IsDB) in the current financial year, according to top sources in the Economic Affairs Division, as reported by ProPakistani.
The first tranche of $10 million is expected to arrive this month, which will be allocated for oil imports during the first quarter of the ongoing fiscal year. The IsDB plans to provide an additional $150 million in the next quarter, followed by $250 million in the third and fourth quarters of the financial year. This funding comes as Pakistan’s oil purchase agreement with Saudi Arabia has concluded. Last year, the IsDB also extended a $250 million loan for oil purchases.
This loan is part of a larger financial commitment from the IsDB, which pledged $3.6 billion at the Geneva Donor Conference last year to support Pakistan.
