Islamic Development Bank prepares $2.3b package for member countries

The Islamic Development Bank (IsDB) Group has approved a $2.3 billion package for its member countries to mitigate and recover from the impact of the Covid-19 pandemic. IsDB President Dr Bandar M H Hajjar said that this will be achieved through a holistic approach aimed to accommodate priorities beyond the immediate and emergency response. Dr Hajjar assured the bank’s full support for the people and the government of Pakistan to mitigate the negative impacts of Covid-19. Pakistan's Minister for Economic Affairs Makhdoom Khusro Bakhtiar informed that International Islamic Trade Finance Corporation (ITFC) has been directed to immediately finalise $500 million for import of oil and an amount of $150 million has been allocated to alleviate the pandemic impact.