KARACHI: In a move to bolster Pakistan’s economic stability, Saudi Arabia has approved the rollover of its $3 billion deposit with the State Bank of Pakistan (SBP) for an additional year, according to an official statement released on Thursday.
The SBP confirmed that the Saudi Fund for Development (SFD), acting on behalf of the Kingdom of Saudi Arabia, has extended the maturity date of the deposit originally due on December 8, 2025—by one more year.
This extension aims to enhance Pakistan’s foreign exchange reserves and support ongoing economic growth and development initiatives, the central bank emphasized.
The $3 billion deposit was first made in 2021 and has been rolled over multiple times since then, serving as a crucial financial support mechanism for the country.
The SBP underscored that this renewed support reflects the strong bilateral ties between Pakistan and Saudi Arabia, and is expected to play a vital role in stabilizing the country’s economy.
