News Desk
Riyadh: Saudi Arabia has extended the term of its $3 billion deposit to Pakistan for an additional year.
According to a statement issued by the spokesperson of the State Bank of Pakistan, Saudi Arabia has extended the deposit to support Pakistan’s economy.
The statement revealed that the Saudi Fund for Development (SFD) has extended the term of the $3 billion deposit, initially set to mature on December 5, 2024, for another year.
The deposit, which was made in the State Bank of Pakistan (SBP), is part of Saudi Arabia’s ongoing support for Pakistan.
This extension will bolster Pakistan’s foreign exchange reserves and contribute to the country’s economic growth and stability.
The agreement for the $3 billion deposit was initially signed in 2021 with the Saudi Fund for Development, with extensions in 2022 and 2023 under royal decree. The extension further underscores the deep ties between the two brotherly nations.
