ISLAMABAD, Pakistan: The Saudi Arabia’s Fund for Development has announced to deposit US$ 3 billion with the State Bank of Pakistan to help the government support its foreign currency reserves and face the repercussions of the COVID-19 pandemic.
According to the Saudi Press Agency, this deposit is in addition to an oil deferred payment facility of US$ 1.2 billion for petroleum products during the year.
In a Tweet, the Minister for Energy Hammad Azhar said the deposit of US$ 3 billion by the Saudi Development Fund with the State Bank and the oil deferred payment facility of US$ 1.2 billion per annum will ease pressures on our trade and forex accounts as a result of global commodities price surge.
The Saudi Development Fund has generously announced for Pakistan an oil deferred payments facility of $1.2bn/annum and a $3 bn deposit with SBP. This will help ease pressures on our trade & forex accounts as a result of global commodities price surge.
— Hammad Azhar (@Hammad_Azhar) October 26, 2021
Meanwhile, Prime Minister Imran Khan thanked the Saudi Crown Prince Mohammad Bin Salman for supporting Pakistan with US$ 3 billion as a deposit in the State Bank of Pakistan and financing refined petroleum product with US$ 1.2 billion.
In a Twitter statement, the prime minister said that Saudi Arabia has supported Pakistan in difficult times including now when the world confronts rising commodity prices.
I want to thank HRH Prince Mohammad bin Salman for supporting Pak with $3 bn as deposit in Pak’s central bank & financing refined petroleum product with $1.2 bn. KSA has always been there for Pak in our difficult times incl now when world confronts rising commodity prices.
— Imran Khan (@ImranKhanPTI) October 27, 2021
