The Finance Ministry has applied for a total of $1.75 billion in loans from three major international financial institutions: the Islamic Trade Finance Corporation (ITFC), the Islamic Development Bank (IDB), and Standard Chartered Bank, top sources told Raised by Numbers.

These loans are intended to support essential commodity purchases and infrastructure development. Specifically, the ministry is seeking $400 million from the ITFC to purchase key commodities and $350 million from the IDB for project financing. Additionally, Standard Chartered Bank has been approached for a $1 billion loan, primarily aimed at funding infrastructure projects.

Sources added that these loans are expected to feature a long-term repayment period with an interest rate of approximately 5 percent. This borrowing is part of a broader strategy to fulfill critical financing commitments required by the International Monetary Fund (IMF) to unlock a new $7 billion loan program.

The Finance Ministry is reportedly open to accepting higher-interest loans from commercial banks if necessary.

In parallel, efforts are ongoing to renegotiate a stalled oil loan facility with Saudi Arabia.