ITFC to Issue USD 761.5 Million Murabaha Financing to Pakistan for Import of Petroleum Products

The Islamic Development Bank's subsidiary International Islamic Trade Finance Corporation (ITFC) is to provide USD 761.5 million in Murabaha financing to Pakistan for the import of petroleum products on a deferred payment basis.

Why it Matters?

According to the Ministry of Economic Affairs in Pakistan, owing to increased demand amid strong economic recovery, financing has been increased from USD 300 million to USD 761.5 million. It further noted that the upcoming ITFC financing will aid in easing pressure on the country’s exchange rate and in stabilising foreign exchange reserves and that it also indicates international financial institutions' (IFIs) faith in the economy of Pakistan.

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