Saudi Arabia extends term of $3B deposit to Pakistan
ISTANBUL (AA) – Saudi Arabia on Friday extended a $3 billion deposit term it made to Pakistan, the State Bank of Pakistan said in a statement.
“The Saudi Fund for Development (SFD) extended the term for the deposit provided by the Kingdom of Saudi Arabia in the amount of 3 billion dollars to the State Bank of Pakistan,” said the statement.
“The extension of the term of the deposit is a continuation of the support provided by the government of the Kingdom of Saudi Arabia to the Islamic Republic of Pakistan, as the deposit aimed to shore up the foreign currency reserves in the Bank and help Pakistan in facing the economic repercussions of the COVID-19 pandemic; it, furthermore, contributed to meet external sector challenges and achieve sustainable economic growth for the country,” it added.
The deposit agreement was signed between the SFD and the State Bank of Pakistan in November 2021, maturing on Dec. 3 this year.
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