Islamic Development Bank to provide USD 4.5 billion oil financing facility to Pakistan

The Islamic Development Bank (IDB) was providing a three-year USD 4.5 billion oil financing facility to Pakistan, the country said on Saturday, adding the aid will ease pressure on its balance-of-payments. According to the finance ministry, USD 1.5 billion worth of oil on deferred payment each year by the bank had been agreed. The program will continue for three years.

The Islamic Development Bank (IDB) was providing a three-year USD 4.5 billion oil financing facility to Pakistan, the country said on Saturday, adding the aid will ease pressure on its balance-of-payments. According to the finance ministry, USD 1.5 billion worth of oil on deferred payment each year by the bank had been agreed. The program will continue for three years. January 27, 2019 at 07:42AM http://bit.ly/2S9w7QW