Covid-19 pandemic: IsDB offers financing support to Pakistan

ISLAMABAD: President Islamic Development Bank, Dr Bandar M.H. Hajjar, had a video call with Minister for Economic Affairs Makhdoom Khusro Bakhtiar on Wednesday to assure Bank’s support for Pakistan in the testing times under the pandemic.

The IsDB president thanked the minister for Economic Affairs and assured the Bank’s full support for the people and GOP 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 will 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 ITFC has been directed to immediately finalise $500 million for import of oil & 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. He also underlined the needs of the member countries, and applauded Bank’s response to mitigate the COVID-19 pandemic effects. The minister added that the IsDB has historic relations with the countries to achieve people centric development goals.

The technical teams from both sides have already outlined the initial assessment for COVID-19 related financing. Ministry of Economic Affairs will evaluate and prioritise the proposals received. The final requirement of the country will be shared with IsDB to materialise financing by the IsDB.

The minister 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.