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KARACHI: Saudi Arabia has extended the term for the deposit of $3 billion maturing on 5 December 2024 for another year.
State Bank of Pakistan (SBP) announced it in a statement on Thursday, a development that would boost the national economic growth.
The said amount has been placed with State Bank of Pakistan (SBP) on behalf of Islamic Republic of Pakistan, the central bank said.
The extension of the term of the deposit is continuation of the support provided by Saudi Arabia to Pakistan, which will help in strengthening the foreign exchange reserves of Pakistan and contribute to the country’s economic growth and development.
It is worth noting that the $3 billion deposit agreement was initially signed with SFD in the year 2021 and subsequently rolled over in 2022 and 2023, after the issuance of the royal directives that reflect the continuation of the close relationship between the two brotherly countries.
The development comes a day after Prime Minister Shehbaz Sharif held a meeting with Saudi Crown Prince Mohammed bin Salman bin Abdul Aziz on the sidelines of the ‘One Water Summit’ in Riyadh.
During the meeting, both sides agreed to boost their economic, trade and investment relationship. They also expressed satisfaction at the pace of progress of the implementation of the Saudi MoUs and agreements regarding investment in Pakistan.
