The Pakistan government signed a three-year agreement with the International Islamic Trade Finance Corp. totaling $4.5 billion.
The deal will provide ITFC financing that will allow Pakistan to increase its imports of vital products such as oil, LNG, and fertilizers. The deal will also allow the ITFC to work with the Pakistan government to help it deal with the rising costs of petroleum-based imports.
According to a Bloomberg report, the deal will allow state-owned Pakistan State Oil, Pak-Arab Refinery, and Pakistan LNG to import product through 2023.
The move will also ease pressure on the country’s limited foreign reserves.
No details of what specific products will be covered under this agreement were released at the time of the signing.