Business Pakistan

Saudi Arabia extends term of $3bln deposit facility for Pakistan

It is worth noting that the USD3 billion-deposit agreement was initially signed through the SFD with the SBP in the year 2021 and rolled over subsequently in 2022.

Webdesk

|

29 Nov 2023

The Saudi Fund for Development (SFD) has extended the term for the deposit of $3 billion maturing on December 05, 2023 for another one year, the State Bank of Pakistan announced on Wednesday.

“The Saudi Fund for Development (SFD), on behalf of the Kingdom of Saudi Arabia, has extended the term for the deposit of $3bn, maturing on December 5, for another year,” the bank said in a statement posted on social media platform X.

2/2 The continuation of this support by the Kingdom of Saudi Arabia will help Pakistan maintain forex reserves and boost its economic growth.
For details, see PR: https://t.co/njGE5hN0DW
— SBP (@StateBank_Pak) November 29, 2023

The said amount has been placed with the central bank of Pakistan on behalf of Saudi Arabia. The extension of the term of the deposit is a continuation of the support provided by the Kingdom, 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 USD3 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.