Islamic Development Bank to Give $500 Million Loan to Pakistan for Oil Imports

Pakistan will receive a $500 million loan from the Islamic Development Bank (IsDB) in the current financial year, top sources in the Economic Affairs Division told ProPakistani. Sources said the first tranche of $10 million is expected this month. This amount will cover oil imports for the first quarter of the ongoing fiscal year. IsDB will provide $150 million in the next quarter and an additional $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 ended. Last year, the IsDB provided $250 million for oil purchases. The loan is part of a broader financial commitment from the IsDB, which pledged $3.6 billion at the Geneva Donor Conference last year to support Pakistan.