Karachi. Nov 29 : 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, announced SBP here on Wednesday ..
It said the said amount
has been placed with State Bank of Pakistan (SBP) on behalf of 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 to maintain the foreign currency reserves of
Pakistan and contribute to the economic growth of the country.
It is worth noting that the USD3 billion-deposit agreement was initially signed through the SFD with the
SBP in the year 2021 and rolled over subsequently in 2022, after the issuance of the royal directives
that reflect the continuation of the close relationship between the two brotherly countries
