ISLAMABAD: The administration has obtained a commitment of foreign loans amounting to $3.2 billion from international creditors, including Saudi Oil Facility (SOF) of $1.2 billion for the next 12 months, as part of Prime Minister Shehbaz Sharif’s government’s efforts to address various economic challenges, The News reported on Tuesday.
A $1.2 billion loan facility from Saudi Arabia, $1 billion in commercial loans from Dubai Islamic Bank (DIB), $600 million from SCB, and roughly $430 million from the International Islamic Trade Finance Corporation (ITFC) facility of Islamic Development Bank are among the loan pledges.
The development follows the International Monetary Fund’s (IMF) Executive Board’s acceptance of a $7 billion new loan program last month, which was followed by the issuance of the first tranche of $1.03 billion.
