KARACHI – Kingdom of Saudi Arabia has extended the term of $3 billion deposit for another one year.
The Saudi Fund for Development (SFD) had placed the amount with the State Bank of Pakistan (SBP) to help Pakistan maintain foreign exchange reserves.
As per the SBP, the term of deposit was expiring on December 05, 2023 which has been extended for one year.
The extension of the term of the deposit is a continuation of the support provided by the Kingdom of Saudi Arabia to the Islamic Republic of Pakistan. It will help to maintain the foreign currency reserves and contribute to the economic growth of the country.
The deposit agreement was initially signed through the SFD with the SBP in the year 2021 and rolled over subsequently in 2022, after the issuance of the royal directives that reflect the continuation of the close relationship between the two brotherly countries.
