$150m being allocated against Covid-19: IsDB says ITFC directed to finalise $500m for oil, LNG import

Expressing its full support for Pakistan, the Islamic Development Bank (IsDB) on Wednesday stated that the International Islamic Trade Finance Corporation (ITFC) has been directed to immediately finalize $500 million for import of oil and LNG, and an amount of $150 million is being allocated to mitigate the pandemic's impact.

The technical teams from both sides have outlined the initial assessment for the COVID-19-related financing.

The Ministry of Economic Affairs will evaluate and prioritise the proposals received.

The final requirement of the country will be shared with IsDB to materialise financing by the IsDB, said the ministry's spokesperson.

According to the official statement, President Islamic Development Bank, Dr Bandar M H Hajjar had a video call with Minister for Economic Affairs Makhdoom Khusro Bakhtiar on Wednesday to assure bank's support for Pakistan in testing times amid the pandemic outbreak.

However, the IsDB Group on twitter stated that IsDB President Dr Bandar Hajjar has held a virtual conference, with Hammad Azhar to discuss the assistance package to be provided by IsDB Group to Pakistan to help combat the COVID19 pandemic. Azhar is no more the minister for economic affairs and is currently holding the portfolio of Ministry of Industries.

IsDB offered financing support for Pakistan to respond to COVID-19 pandemic.

The president IsDB thanked the Minister for Economic Affairs and assured the bank's full support for the people and the GOP to mitigate the negative impacts of COVID-19.

The president said the boards of IsDB Group have approved the $2.3 billion "Strategic Preparedness and Response Package" for the IsDB member countries to mitigate and recover from the impact of the COVID-19 pandemic in the short, medium, and long-term.

This will be achieved through a holistic approach aimed at accommodating priorities beyond the immediate and emergency response.

The president assured his full support for Pakistan and said that ITFC has been directed to immediately finalize $500 million for import of oil and LNG; and an amount of $150 million is being allocated to mitigate the pandemic impact.

The Minister for Economic Affairs appreciated president IsDB Group for his special priority for Pakistan.

He also underlined the needs of the member countries, and applauded bank's response to mitigate the COVID-19 pandemic effects.

The minister added that the IsDB had historic relations with the countries to achieve people-centric development goals.