IDB to disburse first tranche of $100m loan in first quarter of current fiscal
Business
Sources said the facility has been obtained after oil purchase agreement with Saudi Arabia expired
ISLAMABAD (Dunya News) – The Islamic Development Bank (IDB) has agreed to extend $500 million loan to Pakistan in the current fiscal year, sources told Dunya News.
They said in the first quarter of the current financial year the first tranche of $100 million of the loan will be disbursed this month “for the purchase of oil.”
The next tranche of $150 million would be disbursed in the second quarter. The remaining $250 million would be delivered in instalments in the third and fourth quarters.
Sources said that the facility has been obtained after the oil purchase agreement with Saudi Arabia expired.
They said $250 million had already been provided by the IDB in the last financial year.
It may be recalled that Pakistan was assured on $3.6 billion by the IDB at the Geneva Donor Conference held last year.
