Islamic Development Bank approves $500m loan for Pakistan's oil imports in four quarters.

The Islamic Development Bank (IsDB) has agreed to provide a $500m loan to Pakistan for oil imports in the current financial year. The loan will be disbursed in four installments: $100m in Q1, $150m in Q2, $250m in Q3, and $250m in Q4. Last year, IsDB provided $250m for oil purchases and pledged $3.6bn at the Geneva Donor Conference to support Pakistan. This comes after Pakistan ended its oil purchase agreement with Saudi Arabia.

August 12, 2024
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