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$1.1 billion loan agreement signed with ITFC: PM Imran Khan

$1.1 billion loan agreement signed with ITFC: PM Imran Khan


What happened?

On Friday Prime Minister Imran Khan announced that Pakistan has signed a $1.1 billion loan agreement with International Islamic Trade Finance Corporation (ITFC).

What you should know

State-owned Pakistan State Oil, Pak-Arab Refinery, and Pakistan LNG will utilize the funds to import crude oil, refined petroleum products, and LNG during 2021, the government said.“This will be helpful to augment foreign currency reserves of the country and provide resources to meet the oil import bill,” it said.

Pakistan LNG bought an LNG cargo from Qatar Petroleum for April delivery following a tender earlier in the month at just over 10% of Dated Brent.

What else?

Local media reports suggest that demand for oil and gas in Pakistan has been recovering as economic activities inch towards normalcy. Pakistan started importing LNG in 2015 and now has two operational floating import terminals, both in Port Qasim near Karachi.

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