Pakistan to receive oil worth $4.5bn from IDB on deferred payments
Financial institution would provide Pakistan $1.5 billion worth of oil on deferred payment each year
ISLAMABAD (Dunya News) – The Islamic development Bank (IDB) assured to provide a three-year $ 4.5 billion oil financing facility to Pakistan, Dunya News reported today (Saturday).
The Ministry of Finance spokesperson Khaqan Najeeb said that in the first phase Pakistan has received oil worth $100 million and oil worth $270 million will be lent in the second phase.
According to the finance ministry spokesperson, the financial institution would provide Pakistan $1.5 billion worth of oil on deferred payment each year.
However, Dr Khaqan Abbasi further added that the after receiving bailout package from United Arab Emirates (UAE) oil on deferred payments will also be provided to Pakistan as talks are underway in this regard.
Earlier, Pakistan has received first tranche of US$1 billion financial support package from the United Arab Emirates (UAE) while another $2 billion will be received in two separate installments.
