Riyadh (Web Desk): Saudi Crown Prince Mohammed Bin Salman has directed the Saudi Development Fund (SDF) to study increasing the deposit amount in the State of Bank of Pakistan (SBP) to $5 billion, the Saudi Press Agency (SPA) reported.
According to the SPA, Crown Prince Mohammad Bin Salman has directed the SDF to study increasing the amount of the deposit which has previously been extended on December 2, 2022 to hit a $5 billion ceiling, confirming the kingdom's position supportive to Pakistan’s economy and its people.
“This came within the framework of the existing communication between HRH the Crown Prince and Muhammad Shehbaz Sharif, Prime Minister of Pakistan,” the SPA added.
The state news agency added that the Saudi leader has also directed to study augmenting Riyadh’s investments in Pakistan which have previously been announced on August 25, 2022 to reach $10 billion.
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Last year, Saudi Development Fund extended its term for the $3 billion deposit in State Bank, which was set to mature on December 5. Pakistan also inked an agreement with SFD in 2022 to receive $3 billion, to be deposited in SBP’s account to maintain foreign exchange reserves amid the economic crunch.
