“Pakistan will receive a $500 million IDB loan to purchase crude oil.”

The loan will be given to Pakistan in installments throughout FY2024–2025, according to information disclosed by the sources.

Additionally, they stated that Pakistan will receive $100 million from the IDB in the first quarter of FY2024–25, $150 million in the second, and $25 million in the third and fourth quarters.

After its deal with Saudi Arabia to purchase oil on a deferred payment basis ended, Pakistan turned to the IDB, according to the sources.

Recall that during the Geneva Donor’s Conference, Pakistan received a $3.60 billion assurance from the Islamic Development Bank (IDB).

With US recession worries abating and geopolitical tensions in the Middle East supporting prices, oil prices increased for a fifth straight session on Monday, building on gains from last week’s more than 3% increase.

As of 06:35 GMT, US West Texas Intermediate crude futures had increased by 42 cents, or 0.6%, to $77.26, while Brent crude futures had gained 28 cents, or 0.4%, to $79.94 a barrel.

“The more optimistic US data from last week has helped to allay concerns about a US recession,” said Tony Sycamore, an IG markets analyst.