ISLAMABAD – Islamic Development Bank offers huge support to Pakistan in thetesting times.
President Islamic Development Bank, Dr. Bandar M.H. Hajjar, had a VideoCall with Minister for Economic Affairs, Makhdoom Khusro Bakhtiaryesterday, April 22, 2020, to assure the bank’s support for Pakistan in thetesting times.
President IsDB thanked the Minister for Economic Affairs and assured theBank’s full support for the people and GOP to mitigate the negative impactsof COVID-19.
The President informed that the Boards of IsDB Group have approved the US$2.3 billion ‘Strategic Preparedness and Response Package’ for the IsDBmember countries to mitigate and recover from the impact of the COVID-19pandemic in the short, medium, and long-term.
This will be achieved through a holistic approach aimed to accommodatepriorities beyond the immediate and emergency response.
The President assured his full support for Pakistan and informed that ITFChas been directed to immediately finalize US$ 500 million for import of Oil& LNG; and an amount of US$ 150 million is being allocated to mitigate thepandemic impact.
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The Minister for Economic Affairs appreciated President IsDB Group for hisspecial priority for Pakistan. He also underlined the needs of the membercountries and applauded the bank’s response to mitigate the COVID-19pandemic effects. The Minister added that the IsDB has historic relationswith the countries to achieve people-centric development goals.
The technical teams from both sides have already outlined the initialassessment for COVID-19 related financing. Ministry of Economic Affairswill evaluate and prioritize the proposals received. The final requirementof the country will be shared with IsDB to materialize financing by theIsDB.
The Minister for Economic Affairs and President IsDB expressed their strongcommitment to further strengthen the relations as well as IsDB Portfolio inPakistan, especially for the COVID-19 related emergency activities.
