Pakistan’s Digital In a significant financial development, Pakistan is set to receive a $500 million loan from the Islamic Development Bank (IsDB) during the current financial year, according to top sources in the Economic Affairs Division.

The first tranche of $10 million is expected to be disbursed this month, aimed at covering oil imports for the first quarter of the ongoing fiscal year.

Following this initial disbursement, the IsDB will provide $150 million in the next quarter, with an additional $250 million scheduled for the third and fourth quarters.

This funding comes at a crucial time as Pakistan’s oil purchase agreement with Saudi Arabia has recently concluded. Notably, last year, the IsDB had extended $250 million for oil purchases.

This loan is part of a broader financial commitment from the IsDB, which pledged $3.6 billion at the Geneva Donor Conference last year to support Pakistan’s economic stability and development.

The funds are expected to play a vital role in managing the country’s oil import needs.