By Islamuddin Sajid</p> <p> </p> <p>ISLAMABAD, Pakistan (AA) – The Islamic Development Bank will lend oil worth $4.5 billion to Pakistan under its Islamic Trade Finance Corporation program, officials said. </p> <p> </p> <p>"The agreement between Pakistan and the Islamic Development Bank under its International Islamic Trade Finance Corporation already finalized and they will lend oil worth $4.5 billion to Pakistan in three years," Khaqan Najeeb, advisor and spokesman for the Ministry of Finance, told Anadolu Agency. </p> <p> </p> <p>“Now the agreement has been operationalized and we have received oil worth $100 million in the first phase,” Najeeb said.</p> <p> </p> <p>Pakistan is also in talks with the Islamic Development Bank to lend Liquefied Natural Gas (LNG) under the same program, the spokesman added. </p> <p> </p> <p>On Friday, Pakistan State Bank said that the country has received $1 billion, third and last tranche from Saudi Arabia under its balance of payment support for Islamabad.
In Oct. 2018, the Kingdom pledged $6 billion bailout package for Pakistan; $3 billion balance of payments support and other $3 billion in deferred payment on oil imports, after Pakistani premier Imran Khan visit to Saudi Arabia.
Saudi Arabia has also plan to establish a $10 billion oil refinery in Pakistan's southwestern strategic port city of Gwadar.
The agreement between both country is likely to be signed during a proposed visit of Saudi Crown Prince Mohammed Bin Salman to Pakistan in February.
