Economy

Saudi Arabia extends $ 3 billion term deposit another year for Pakistan

Saudi Arabia has extended the $3 billion term deposit with State bank of Pakistan
Saudi Fund for Development (SFD) term deposit stretches another year
Saudi Fund for Development (SFD) term deposit was expected to mature on December 5.2022

 

State bank of Pakistan reported on Friday that the Kingdom of Saudi Arabia (KSA) extended the term of the $3 billion deposit in the State Bank of Pakistan (SBP), supporting the country’s foreign exchange reserves and strengthening the domestic economy.

The SBP further mentioned that the deposit term’s extension was a “continuation of the support provided” by Riyadh to Pakistan to support foreign currency reserves and help the country in “facing the economic repercussions of the COVID-19 pandemic”.

“It is worth noting that the $3 billion deposit agreement was signed through the SFD with the SBP in November 2021, after the issuance of the royal directives that reflect the continuation of the close relationship between the two countries,” the central bank said.

The SBP had reported earlier this week that the country was scheduled to repay a total of $26.3 billion on accounts of foreign debt and debt services over the next 12 months.

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