Pakistan, IDB sign $1.2bn financing plan.

Pakistan and the Islamic Development Bank (IDB) have signed a $1.2 billion financing agreement for import of oil and food products, as Islamabad also completes procedural formalities to receive oil on deferred payments from Saudi Arabia of a similar value.

The cumulative financing of $200 million per month by the IDB group and Saudi Arabia is expected to ease pressure on the rupee, as 45 percent depreciation in over three years has stoked inflation in the country.

The International Islamic Trade Finance Corporation...