Saudi Arab extends $3 bln deposit’s term: SBP

KARACHI, Dec 02 (APP): The Saudi Fund for Development (SFD) on the directives of King Salman bin Abdulaziz Al Saud, has extended the term of $3 billion deposit with the State Bank of Pakistan (SBP).

“The extension of the term of the deposit is a continuation of the support provided by the government of the Kingdom of Saudi Arabia (KSA) 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,” an SBP statement said on Friday.

“It, furthermore, contributed to meet external sector challenges and achieve sustainable economic growth for the country.”

The $3 billion-deposit agreement was signed by the Saudi Fund for Development (SFD) with the State Bank of Pakistan in November 2021, after the issuance of the royal directives that reflect the continuation of the close relationship between the two countries.