Islamabad: The Islamic Development Bank (IDB) will give the government of Pakistan a loan of 500 million dollars.
The IDB will provide a loan of 150 million dollars for purchase of oil.
The government has gotten the facility after ending of an agreement to borrow oil with Saudi Arabia on deferred payment.
As per details, the loan will be provided to Pakistan in installments during FY 2024-25.
They further said Pakistan will be receiving $100 mln from the IDB during the first quarter of FY 2024-25, while $150 mln in the second and $25 mln in the third and fourth quarters of FY 2024-25.
Pakistan moved to the IDB after ending of agreement with Saudi Arabia for oil purchases on deferred payments, the sources said.
It is to be noted that Islamic Development Bank (IDB) assured Pakistan of $3.60 bln during Geneva Donor’s Conference.
