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In Support for the Pakistani Economy, Saudi Arabia Extends the $3b Deposit Placed by the Saudi Fund for Development with Pakistan’s Central Bank

Karachi, Dec. 02, 2022, SPA -- In implementation of instructions of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and HRH the Crown Prince, the Saudi Fund for Development (SFD) has confirmed the rollover of the deposit worth $3 billion placed with the State Bank of Pakistan (SBP) .

The extension of the deposit comes in continuation of the support extended by the government of the Kingdom of Saudi Arabia for the Islamic Republic of Pakistan's foreign exchange reserves to confront the economic repercussions in the aftermath of coronavirus COVID-19. The deposit has also contributed to enable Pakistan's economy witness sustainable growth and confront foreign challenges incurred by different sectors.

The deposit between SFD and SBP was signed in November 2021, maturing on December 03, 2022.

Source: Saudi Press Agency