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 said amount has been placed with the State Bank of Pakistan (SBP) on behalf of the Islamic Republic of Pakistan. The extension of the term of the deposit is a continuation of the support provided by the Kingdom of Saudi Arabia to the Islamic Republic of Pakistan, which will help maintain Pakistan’s foreign currency reserves and contribute to the country’s economic growth.

It is worth noting that the USD3 billion deposit agreement was initially signed through the SFD with the SBP in 2021 and rolled over in 2022, after the royal directives that reflect the continuation of the close relationship between the two brotherly countries.