Karachi: Sudi Arabia has extended the term of its $3 billion deposit with the State Bank of Pakistan (SBP) for another year.
“The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of USD 3 billion maturing on 05 December 2023 for another one year,” the SBP announced in a statement.
The extension of the term of the deposit is a continuation of the support provided by the kingdom to Pakistan, which will help to maintain the foreign currency reserves of Pakistan and contribute to the economic growth of the country, the statement added.
1/2 On behalf of the Kingdom of Saudi Arabia, the Saudi Fund for Development (SFD) has extended the term of USD3bn deposit maturing on 05Dec23 for another year. This deposit is placed with SBP on behalf of the Islamic Republic of Pakistan.— SBP (@StateBank_Pak) November 29, 2023
The $3 billion deposit agreement was initially signed through the SFD with the SBP in 2021 and rolled over subsequently in 2022.