Pakistan

Saudi Arabia extends $3 billion deposit to Pakistan

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ISLAMABAD: Following the instructions of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, the Saudi Fund for Development (SFD) has extended the period of $3 billion deposit from the Kingdom of Saudi Arabia to the State Bank of Pakistan. Is.

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In a statement issued by the Embassy of Saudi Arabia in the federal capital Islamabad on the social media website ‘Twitter’, it has been said that the extension of the deposit period is the support provided by the government of Saudi Arabia to the Islamic Republic of Pakistan. is a continuation of

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According to the statement issued, the purpose of the deposit is to increase the foreign currency reserves in the bank and help Pakistan to face the economic impact caused by pandemics like COVID-19, to meet the challenges of external sectors and It also has to play its role in achieving sustainable economic growth for the country.

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It should be noted that a $3 billion deposit agreement was signed with the State Bank of Pakistan in November 2021 last year through the Saudi Fund for Development (SFD).



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