Pakistan secures $ 1.1 billion in funding to import oil and LNG – Newspaper

Pakistan secures $ 1.1 billion in funding to import oil and LNG - Newspaper

ISLAMABAD: With sub-optimal use of the three-year financing framework worth $ 4.5 billion, Pakistan and the International Islamic Trade Finance Corporation (ITFC) on Wednesday signed a trade finance facility of $ 1.1 billion for the current year.

As part of the annual fundraising plan, “ITFC will mobilize $ 1.1 billion in trade finance in the year 2021,” an official statement said after the signing ceremony. Funding available via this facility will be used by Pakistan State Oil (PSO), Pak-Arab Refinery Ltd (Parco) and Pakistan LNG Ltd (PLL) for the import of crude oil, refined petroleum products and LNG during the year 2021 and help increase foreign currency reserves …

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