IDB approves loan of 551 million dollars to import crude oil, LNG

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ISLAMABAD:     Islamic Development Bank (IDB) will extend loan amounting to 551 million dollars to Pakistan to purchase crude oil and LNG.

IDB has accorded approval to provide loan to the tune of 551 million dollars to Pakistan to import crude oil and LNG.

Pakistan is required to utilize this loan in one year. The loan will bring improvement in foreign exchange reserves of Pakistan which are under stress persistently.

The loan will be disbursed by International Trade and Finance Corporation which is subsidiary of IDB. This loan will be used only by PSO, Pak Arab Refinery and Pakistan LEG Limited.