ISLAMABAD: Pakistan has requested loan of $ 1.75 billion from Islamic Trade Finance Corporation (ITFC), Islamic Development Bank (IDB) and Standard Chartered Bank. 

Sources revealed that loan had been sought for commodity and commercial purposes. $ 400 million loan has been sought from ITFC for commodity purchase, they added.  According to sources, IDB has been requested grant of $ 350 million for project financing, while $ 1 billion will be sought from Standard Chartered for infrastructure development and other purposes.  They said long-term loans could be obtained at an interest rate of about 5 percent. Moreover, loans would be taken from commercial banks at higher rates for loan approval from International Monetary Fund, they continued.  Ministry of Finance sources said efforts are underway for getting oil from Saudi Arabia on deferred payment arrangement. As agreement of purchase of oil from Saudi Arabia is stalled, Ministry is trying to make arrangements from four sources to fill financing gap, they concluded.