ISLAMABAD : Dec 2,2022: The Kingdom of Saudi Arabia has deposited S 3 billion with the State Bank of Pakistan (SBP) for giving Pakistan much – needed financial support to help Pakistan overcome its Forex reserves issue.
The SBP on Friday confirmed deposit of the fund to Pakistan by Saudi Arabia in a statement issued by it.
The central bank in its statement said
“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’.