Pakistan poised for $4bn loan from Islamic Development Bank

Pakistan plans to borrow more than $4 billion from the Islamic Development Bank as part of its attempts to restore dangerously low stocks of foreign currency.

The loan would not cover Pakistan's expected financing gap of at least $25 billion during this financial year, but was "an important contribution", sources said. Officials said the loan would be used mainly to pay for oil imports, with higher crude prices having contributed to Pakistan's problems.