Saudi Arabia extends $3 billion deposit term for Pakistan for 1 more year
The SBP said the extension was a continuation of the kingdom’s support to Pakistan
Saudi Arabia had extended the term for a deposit of $3 billion to Pakistan for one more year.
The term for the deposit of $3 billion is maturing on December 5.
The State Bank of Pakistan announced the decision on Wednesday.
“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 year,” the SBP said 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 SBP stated.
2/2 The continuation of this support by the Kingdom of Saudi Arabia will help Pakistan maintain forex reserves and boost its economic growth.
For details, see PR: https://t.co/njGE5hN0DW— SBP (@StateBank_Pak) November 29, 2023
As reported, the extension in the deposit term would help solidify the ongoing IMF programme as the IMF was seeking confirmation from lenders and friendly countries of their commitments to Pakistan.
