Saudi Arabia has extended the term of the $3 billion deposit it provided to Pakistan for supporting its economy.
Saudi Fund for Development tweeted on Friday saying, it was announced that in implementation of the directives of the Custodian of the Two Holy Mosques and His Royal Highness Crown Prince and Prime Minister Muhammed bin Salman in support of the economy of the Islamic Republic of Pakistan the Saudi Fund for Development has extend the term of the $3 billion deposit parked by Kingdom of Saudi Arabia at the State Bank of Pakistan (SBP).
In implementation of the directives of the Custodian of the Two Holy Mosques & HRH Crown Prince & Prime Minister & in support of the economy of the Islamic Republic of #Pakistan; #SFD extends the term of the $3 billion deposit provided by #KSA to the @StateBank_Pak. pic.twitter.com/0VACcJo2m9
— الصندوق السعودي للتنمية (@SaudiFund_Dev) December 2, 2022
In September of this year, the Saudi Fund for Development (SFD) had confirmed the rollover of the deposit for a year. It was expected to mature on December 5.
The deposit agreement between the Saudi Fund for Development (SFD) and the SBP was signed in November 2021 for the $3 billion deposit to support Pakistan’s dwindling foreign exchange reserves.
