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Islamic Development Bank approves 750 million dollars for Pakistan

Islamic Development Bank (IDB) has approved a 750 million dollars loan as well as a 150 million dollar credit facility for Pakistan. Credit facility will be used for import of fertilizer and oil products. The first installment of the loan will be released on August 15th.

The loan facility from IDB will help the government finance the budget deficit that has plagued Pakistan for a long time. Pakistan is also in negotiation with IMF for a 5.5 billion dollars loan.

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