Tuesday, 16 July 2024

KSA extends term for a $3 billion deposit in State Bank of Pakistan through ‎SFD in support of Pakistani economy


اقرأ المزيد

In implementation of the directives of the Custodian of the Two Holy Mosques, King ‎Salman bin Abdulaziz Al Saud – may Allah protect him; the Saudi Fund for ‎Development (SFD) extended the term for the deposit provided by the Kingdom of ‎Saudi Arabia in the amount of 3 billion dollars to the State Bank of Pakistan. The ‎extension of the term of the deposit is a continuation of the support provided by the ‎government of the Kingdom of Saudi Arabia to the Islamic Republic of Pakistan, as ‎the deposit aimed to shore up the foreign currency reserves in the Bank and help ‎Pakistan in facing the economic repercussions of the COVID-19 pandemic; it, ‎furthermore, contributed to meet external sector challenges and achieve sustainable ‎economic growth for the country.‎

It is worth noting that the $3 billion-deposit agreement was signed through the Saudi ‎Fund for Development (SFD) with the State Bank of Pakistan in November of last ‎year 2021, after the issuance of the royal directives that reflect the continuation of the ‎close relationship between the two countries.‎