Islamabad: The Islamic Development Bank (IDB) recently pledged USD 650 million in financial support to help Pakistan deal with the aftereffects of the COVID-19 pandemic, according to a news source. The bank agreed to provide this support following an online meeting between Federal Minister for Economic Affairs Makhdoom Khusro Bakhtiar and IDB President Dr Bandar M.H. Hajjar to discuss the latest updates regarding the pandemic as well as covid relief efforts.
A public statement revealed that the IDB president had assured the federal minister of the bank’s support during these trying times. Hajjar also shared that the Islamic Trade Finance Corporation (ITFC) would immediately finalise USD 500 million for importing oil and liquefied gas, while the remaining USD 150 million would be allocated to cushion the pandemic’s impact.
President Hajjar told the minister that the IDB Group’s board had approved the USD 2.3 billion ‘Strategic Preparedness and Response Package’ to support IDB member countries affected by the COVID-19 pandemic in the short, medium, and long term.
According to sources, the technical teams from both sides have created an outline for the initial assessment of COVID-19-related funds. The Ministry of Economic Affairs will go over these proposals and prioritise them accordingly.
