Pakistan likely to get credit facility worth $1.5 billion from yet another source
ISLAMABAD - Saudi-based International Islamic Trade Finance Corporation (ITFC) is likely to extend $1.5 billion in annual credit facility for LNG imports to Pakidtan, sources have revealed.
UAE in December had announced its intention to deposit $3 billion in the State Bank of Pakistan (SBP) to shore up the country’s foreign exchange reserves and prevent an economic crisis.
The country’s yearly oil imports are projected at $12.5 billion and approximately half of it would be financed through the credit facilities from Middle East countries.
And Pakistan’s annual LNG import bill stands between $4.2 to $4.5 billion. At present Pakistan imports eight LNG cargoes a month from which five are imported from Qatar and the rest from Geneva-based commodity trading firm Gunvor and Italian oil and gas company ENI.