A Saudi-backed Islamic Development Bank (IDB) is poised to lend Pakistan more than $4 billion to revive the nuclear nation’s depleting foreign currency reserves.
Two officials have told the Financial Times that the Islamic Development Bank based in Jeddah, Saudi Arabia has agreed to make a formal offer to lend Islamabad the money when Imran Khan takes over as prime minister. They also added that they expect Asad Umar, the finance minister to be, to accept the offer.
“The paperwork is all in place,” said one senior adviser in Islamabad. “The IDB is waiting for the elected government to take charge before giving their approval.”Read More…
