The International Islamic Trade Finance Corporation (ITFC) has signed Annual Financing Plan 2021 for the government of Pakistan worth $1.1 billion.

Minister for Economic Affairs Makhdum Khusro Bakhtyar witnessed the signing ceremony. The document was signed by Economic Affairs Division Secretary Noor Ahmed and Eng. Hani Salem Sonbol, Chief Executive Officer of ITFC, a subsidiary organisation of Islamic Development Bank Group.

The financing available through this facility will be utilised by the Pakistan State Oil (PSO), the Pak-Arab Refinery Ltd (PARCO) and the Pakistan LNG Ltd (PLL) for import of crude oil, refined petroleum products and LNG. This will be helpful to augment foreign currency reserves of the country and provide resources to meet the oil import bill.

Minister Bakhtyar thanked and appreciated ITFC support for Pakistan and said that the financing commitments reflect confidence of international financial institutions in Pakistan’s economy. He underscored the importance of partnership between ITFC and Pakistan.

He appreciated ITFC’s role in the development of trade and financing in the OIC member countries.

Salem Sonbol said that Pakistan and ITFC has long standing cooperation since creation of ITFC in 2008. Pakistan is the second largest beneficiary of ITFC financing, the ITFC CEO added.

He assured ITFC’s support to meet financial needs for import of crude oil, petroleum products and LNG.

Both sides agreed to enhance the portfolio including agricultural sector.

Hamza Habib is a senior journalist and former editor of correspondent.pk who has previously worked for leading newspapers and TV networks of the country. He mainly writes on the economy and political issues.

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