Islamic Trade Financing Corporation (ITFC) to provide Pakistan with a $3 billion loan, according to an official statement released on Thursday.
The announcement came following a meeting between Pakistan’s Finance Minister Muhammad Aurangzeb and the delegation of the Islamic Trade Financing Corporation (ITFC) in Washington.
As per details, the $3 billion loan amount will be disbursed to Pakistan over the next three years.
The CEO of ITFC, Engineer Hani Salem Sonbol, was also present during the meeting. The finance minister appreciated the $3 billion commodity financing agreement.
In the first phase, $270 million will be provided to Pakistan. The finance minister assured full government support for this initiative.
Earlier, Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb emphasized the need for the International Monetary Fund (IMF) to embed social protection measures in its lending frameworks.
Read more: SBP can further slash interest rate in November, says Aurangzeb
According to press release the minister stated this during his intervention at the meeting of Managing Director of the IMF with Finance Ministers, Central Bank Governors, and Heads of Regional Financial Institutions of the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region.
He urged the Fund to focus on enhancing climate resilience financing and to continue expanding debt relief and concessional financing mechanisms to support vulnerable nations.
He welcomed the incorporation of emerging challenges such as climate-related risks, domestic public debt, and complex debt restructuring scenarios in the review of the Low-Income Countries Debt Sustainability Framework (LIC-DSF).
Meanwhile, the minister attended a roundtable with institutional investors organized by Jefferies International. He briefed the investors on the positive economic indicators of Pakistan, driven by the successful Stand-By Arrangement (SBA).
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