Saudi Arabia extends term for $3 billion deposit to support Pakistan’s economy

BusinessSaudi Arabia extends term for $3 billion deposit to support Pakistan’s economy

KARACHI, Pakistan: The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of US$ 3 billion maturing on December 05, 2023 for another one year.

In a statement on Wednesday, the State Bank of Pakistan (SBP) said that the said amount has been placed with the SBP on behalf of Islamic Republic of Pakistan.

   

The Central Bank said that 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 is worth noting that the US$ 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.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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