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KARACHI: The Saudi Fund for Development (SFD) has extended the term for the deposit of $3 billion maturing on December 05, 2023 for another one year, the State Bank of Pakistan announced on Wednesday.
The said amount has been placed with the central bank of Pakistan on behalf of Saudi Arabia. The extension of the term of the deposit is a continuation of the support provided by the Kingdom, which will help to maintain the foreign currency reserves of Pakistan and contribute to the economic growth of the country.
It is worth noting that the USD3 billion-deposit agreement was initially signed through the SFD with the SBP in the year 2021 and rolled over subsequently in 2022, after the issuance of the royal directives that reflect the continuation of the close relationship between the two brotherly countries.