The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of $3 billion maturing on December 5, 2024, for another year.
The said amount has been placed with State Bank of Pakistan (SBP) on behalf of Islamic Republic of Pakistan. The extension of the term of the deposit is continuation of the support provided by the Kingdom of 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 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.
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