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Saudi Arabia extends term of 3 billion deposit  with State Bank of Pakistan

December 2, 2022 04:49 PM

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Saudi Arabia has extended the term of the $3 billion deposit it provided to Pakistan for supporting its economy, reported 24NewsHD TV channel.

According to a tweet uploaded by the Saudi Fund for Development on Friday, it was announced that in implementation of the directives of the Custodian of the Two Holy Mosques and His Royal Highness Crown Prince and Prime Minister Muhammed bin Salman in support of the economy of the Islamic Republic of Pakistan the Saudi Fund for Development has extend the term of the $3 billion deposit parked by Kingdom of Saudi Arabia at the State Bank of Pakistan (SBP).

https://twitter.com/SaudiFund_Dev/status/1598622939972358147

The deposit agreement between the Saudi Fund for Development (SFD) and the SBP was signed in November 2021 for the $3 billion deposit to support Pakistan’s dwindling foreign exchange reserves.

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