ISLAMABAD, AUGUST 12: The Pakistan would receive a $500 million loan from the Islamic Development Bank (IsDB) in the current fiscal year. The first installment of $10 million is anticipated this month, according to sources in Pakistan. This sum will cover the first quarter of the current fiscal year’s oil imports.
In the upcoming quarter, IsDB will contribute $150 million, and in the third and fourth quarters of the fiscal year, it will contribute an additional $250 million. This funding coincides with the expiration of Pakistan and Saudi Arabia’s oil purchase deal. The IsDB gave $250 million for oil imports last year.
The loan is a part of the IsDB’s larger financial commitment to support Pakistan; at the Geneva Donor Conference last year, the organization promised to contribute $3.6 billion.
