KARACHI -- Pakistan plans to borrow more than $4 billion (Rs. 495.9 billion) from the Saudi Arabia-backed Islamic Development Bank (IsDB), Dawn reported Friday (August 10).
The move, first reported by the Financial Times, is aimed at restoring Pakistan's dwindling foreign reserves.
The Jeddah-based IsDB has agreed to make a formal offer to lend the money when prime minister-elect Imran Khan takes over, officials said.
The loan would be mainly used to pay for oil imports, they said.
If the IsDB loan goes through, it will make "an important contribution" to patching Pakistan's expected financing gap of at least $25 billion (Rs. 3.1 trillion) during this fiscal year, said one official.