The loan will be given to Pakistan in installments throughout FY2024–2025, according to information disclosed by the sources.
Additionally, they stated that Pakistan will receive $100 million from the IDB in the first quarter of FY2024–25, $150 million in the second, and $25 million in the third and fourth quarters.
After its deal with Saudi Arabia to purchase oil on a deferred payment basis ended, Pakistan turned to the IDB, according to the sources.
Recall that during the Geneva Donor’s Conference, Pakistan received a $3.60 billion assurance from the Islamic Development Bank (IDB).
With US recession worries abating and geopolitical tensions in the Middle East supporting prices, oil prices increased for a fifth straight session on Monday, building on gains from last week’s more than 3% increase.
As of 06:35 GMT, US West Texas Intermediate crude futures had increased by 42 cents, or 0.6%, to $77.26, while Brent crude futures had gained 28 cents, or 0.4%, to $79.94 a barrel.
“The more optimistic US data from last week has helped to allay concerns about a US recession,” said Tony Sycamore, an IG markets analyst.
