Islamic Development Bank to help Pakistan fight coronavirus | Pakistan Today

Islamic Development Bank to help Pakistan fight coronavirus

–Bank prepares $2.3b package for member countries

ISLAMABAD: The Islamic Development Bank (IsDB) Thursday offered financial support to Pakistan amid the lockdown due to coronavirus pandemic.

In a video call, IsDB President Dr Bandar MH Hajjar assured Federal Minister for Economic Affairs Makhdoom Khusro Bakhtiar of bank’s support for Pakistan in the testing, said a press release issued by the Ministry of Economic Affairs.

Hajjar informed that the IsDB Group has approved the $2.3 billion ‘Strategic Preparedness and Response Package’ for the IsDB member countries to mitigate 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. He 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 that an amount of $150 million was being allocated to mitigate the pandemic impact.

Makhdoom Khusro Bakhtiar appreciated the special priority given to 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.