The Saudi Fund for Development (SFD), on behalf of the Kingdom of Saudi Arabia, has extended the term of the $3 billion deposit maturing on December 08, 2025, by another year.
The said amount has been placed with the State Bank of Pakistan (SBP) on behalf of the Islamic Republic of Pakistan.
The extension of the deposit term is a continuation of the Kingdom of Saudi Arabia’s support to the Islamic Republic of Pakistan, which will help strengthen Pakistan’s foreign exchange reserves and contribute to the country’s economic growth and development. It is worth noting that the $3 billion deposit was initially placed with SBP in the year 2021 and subsequently rolled over since then.
State Bank of Pakistan’s foreign reserves increase by $14 million
