ISLAMABAD                        -           The Islamic Development Bank (IsDB) has offered financing support to Pakistan in the current testing times to respond to COVID-19 pandemic.

“President Islamic Development Bank, Dr. Bandar M.H. Hajjar, had a Video Call with Federal Minister for Economic Affairs, Makhdoom Khusro Bakhtiar to assure him of Bank’s support for Pakistan in the testing times under the Pandemic, according to press statement issued by the Ministry of Economic Affairs.

The President IsDB thanked the Minister for Economic Affairs and assured the Bank’s full support for the people and the government to mitigate the negative impacts of COVID-19. 

The President informed that 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 would be achieved through a holistic approach aimed to accommodate priorities beyond the immediate and emergency response. The President assured his full support for Pakistan and informed that (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 impact.

The Minister for Economic Affairs appreciated President IsDB Group for his special priority for Pakistan. The Minister also underlined the needs of the member countries, and applauded Bank’s response to mitigate the COVID-19 pandemic effects.

The technical teams from both sides have already outlined the initial assessment for COVID-19 related financing, the statement said adding that the Ministry of Economic Affairs would evaluate and prioritize the proposals received. The final requirement of the country would be shared with IsDB to materialize financing by the IsDB.

  The Minister for Economic Affairs and President IsDB expressed their strong commitment to further strengthen the relations as well as IsDB Portfolio in Pakistan especially for the COVID-19 related emergency activities, the statement added.