JEDDAH – The Saudi Fund for Development (SFD) has extended the term for the $3 billion deposit provided by the kingdom to the State Bank of Pakistan (SBP).
The SBP announced the development on Twitter, stating: “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”.
The decision will also help the South Asian country to meet external sector challenges and achieve sustainable economic growth for the country.
1/2 Implementing directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud – may Allah protect him; the Saudi Fund for Development @SaudiFund_Dev has extended the term for deposit, $3bn, provided by Kingdom of Saudi Arabia to State Bank of Pakistan.
— SBP (@StateBank_Pak) December 2, 2022
The $3 billion-deposit agreement was signed through the SFD with the SBP in November of last year 2021, after the issuance of the royal directives that reflect the continuation of the close relationship between the two countries, the Pakistan’s central bank said.
https://en.dailypakistan.com.pk/27-Oct-2021/saudi-arabia-pumps-dollar-3-billion-into-sbp-reserves-to-support-pakistan-economy
