The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of $3 billion, maturing on December 5, 2023, for another year, the State Bank of Pakistan (SBP) said Wednesday.
The statement highlighted that the amount has been placed with the State Bank of Pakistan (SBP) on behalf of the Islamic Republic of Pakistan.
“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, which will help to maintain the foreign currency reserves of Pakistan and contribute to the economic growth of the country,” it added.
It is worth noting that the $3 billion 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.
صلی اللہ علیہ والہ وسلم