Islamic Development Bank prepares $2.3b package for member countries

Package approved to mitigate impact of Covid-19 pandemic

ISLAMABAD: The Islamic Development Bank (IsDB) Group board has approved $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, announced IsDB President Dr Bandar M H Hajjar. He added that this will be achieved through a holistic approach aimed to accommodate priorities beyond the immediate and emergency response.

During a video call with Minister for Economic Affairs Makhdoom Khusro Bakhtiar, the president assured the bank’s full support for the people and the government of Pakistan to mitigate the negative impacts of Covid-19.

He informed that International Islamic Trade Finance Corporation (ITFC) has been directed to immediately finalise $500 million for import of oil and LNG, and an amount of $150 million has been allocated to alleviate the pandemic impact.

The minister appreciated the IsDB Group for giving special priority to Pakistan. He also underlined the need of the member countries and applauded the bank’s response to lessen the Covid-19 pandemic affects. The technical teams from both sides have already outlined the initial assessment for Covid-19 related financing.

Published in The Express Tribune, April 23^rd, 2020.

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