Islamabad, Dec 6: On behalf of the Kingdom of Saudi Arabia, the Saudi Fund for Development (SFD) has extended the term for the deposit of USD 3.00 billion maturing on 05 December 2024 for another year. The said amount has been placed with State Bank of Pakistan (SBP) on behalf of the Islamic Republic of Pakistan.
The extension of the term of the deposit is continuation of the support provided by the Kingdom of Saudi Arabia to the Islamic Republic of Pakistan, which will help strengthen Pakistan’s foreign exchange reserves and contribute to the country’s economic growth and development.
It is worth noting that the USD 3.00 billion deposit agreement was initially signed with SFD in 2021 and subsequently rolled over in 2022 & 2023, after the issuance of the royal directives that reflect the continuation of the close relationship between the two brotherly countries.
