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IDB to lend Pakistan oil worth $4.5 billion

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Pakistan is also in talks with the Islamic Development Bank (IDB) to lend Liquefied Natural Gas (LNG) under the same programme.

Monday 28, January 2019 BY KUDAKWASHE MUZORIWA

Saudi-based Islamic Development Bank will lend oil worth $4.5 billion to Pakistan under its Islamic Trade Finance Corporation (ITFC) programme, according to Anadolu Agency.

Khaqan Najeeb, the Advisor and Spokesman for Pakistani Ministry of Finance, said that the agreement between Pakistan and the Islamic Development Bank under its International Islamic Trade Finance Corporation already finalised and they will lend oil worth $4.5 billion to Pakistan in three years.

Pakistan has so far received oil worth $100 million.

Similarly, Pakistan State Bank (PSB) received $1 billion – which is the third and last tranche from Saudi Arabia under its balance of payment support for Islamabad last week.

This came a week after Abu Dhabi Fund for Development (ADFD) deposited the $3 billion (AED 11 billion) aid package promised to support economic growth and achieve the long-term objectives of its monetary policy.

TAGS : IDB, Pakistan-UAE, Saudi-Pakistan

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