ISLAMABAD: The government on Thursday signed two agreements with Islamic Development Bank (IDB) to secure grants for operationalisation of Exim Bank of Pakistan and boosting agricultural production through using efficient irrigation system in Balochistan.

IDB President Dr Bandar Hajjar and Finance Adviser Dr Abdul Hafeez Shaikh signed the agreements.

An oil credit facility of $551 million had already been signed with the bank last week.

The IDB president informed the finance adviser that the bank would extend all possible cooperation in the areas of project financing of Pakistan and resolved early financing for Jamshoro Coal-fired Power Plant.

A high-level delegation, which is on three-day visit to Pakistan, will explore possible financing in health, energy, water and infrastructure, he said.

Dr Hafiz Shaikh informed the IDB president of policy measures introduced by the government for improving the economic and fiscal situation in general and the current account situation in particular.

He also informed him that the government has finalised its strategy to deliver on Medium-term Economic Framework targets to be agreed with the IMF team already here for technical discussions for a three-year programme.

The IDB will also host its 5th edition of the ‘Transformers Roadshow’, a competition for innovators who specialise in science and technology to pitch new ideas to win one-off funding from the bank to progress solutions to local problems.

Published in Dawn, May 3rd, 2019