The State Bank of Pakistan (SBP) recently announced that the Saudi Fund for Development (SFD) has agreed to extend a substantial $3 billion deposit, initially set to mature on December 5, 2023, for an additional year. This significant extension of financial support signifies the continuing relationship between Saudi Arabia and Pakistan.
The $3 billion deposit, orchestrated in partnership with the SBP, serves as a pivotal element in bolstering Pakistan’s foreign currency reserves. It plays a crucial role in reinforcing the nation’s economic growth trajectory.
This extension follows the initial agreement made in 2021 between the SFD and the SBP, wherein this substantial deposit was committed to Pakistan’s economic landscape. Subsequently, in 2022, the extension of the deposit underscored the enduring partnership and amicable relations between the two countries, based on mutual support and collaboration.
The deposit’s rollover aligns with the directives from Saudi Arabia’s leadership, demonstrating the unwavering commitment to bolstering Pakistan’s financial resilience and supporting its economic endeavors. The contribution serves as a testament to the enduring friendship between the Kingdom of Saudi Arabia and Pakistan and emphasizes the robust ties between the two nations.
