Karachi: The State Bank of Pakistan (SBP) announced on Friday that Saudi Arabia has extended the term for the $3 billion deposited with the central bank.
“Implementing the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud — may Allah protect him; the Saudi Fund for Development (SFD) extended the term for the deposit provided by the Kingdom of Saudi Arabia in the amount of 3 billion dollars to the State Bank of Pakistan,” said the central bank in a statement.
The SBP said that the extension of the term of the deposit was a “continuation of the support provided” by Riyadh to Pakistan to shore up Pakistan’s foreign currency reserves and help Islamabad in “facing the economic repercussions of the COVID-19 pandemic”.
1/2 Implementing directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud – may Allah protect him; the Saudi Fund for Development @SaudiFund_Dev has extended the term for deposit, $3bn, provided by Kingdom of Saudi Arabia to State Bank of Pakistan.— SBP (@StateBank_Pak) December 2, 2022
The deposit has also contributed to Pakistan’s aim of meeting “external sector challenges and achieve sustainable economic growth”.