The Saudi Fund for Development (SFD) has extended the term for a deposit of $3 billion maturing on December 5, 2024 for another year to support Pakistan’s economy, the State Bank of Pakistan (SBP) said.
A deposit agreement for $3 billion was initially signed with the SFD in the year 2021 and subsequently rolled over in 2022 and 2023.
“The extension of the term of the deposit is continuation of the support provided by the Kingdom of Saudi Arabia to the Islamic Republic of Pakistan, which will help in strengthening the foreign exchange reserves of Pakistan and contribute to the country’s economic growth and development,” the SBP statement read.
The development is a relief for the central bank’s foreign exchange reserves that are currently standing at $11.42 billion as of November 22, 2024.
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