ISLAMABAD – Pakistan has planned to borrow more than $4bn from theSaudi-backed Islamic Development Bank (IDB) as part of its attempts torestore dangerously low stocks of foreign currency.

According to the foreign media, the Jeddah-based bank has agreed to make aformal offer to lend Islamabad the money when Imran Khan takes over asprime minister. It was also said that they expect Asad Umar, likely to beprime minister Imran Khan’s proposed finance minister, to accept.

It was also reported that “the paperwork is all in place”. It said that theIDB is waiting for the elected government to take charge before givingtheir approval. It added that the loan would not cover Pakistan’s expectedfinancing gap of at least $25bn during this financial year but was “animportant contribution”.