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Saudi Arabia announces to deposit $3 billion with State Bank of Pakistan

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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.

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.

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