Saudi Arabia extended 3 billion dollar deposit for Pakistan

Karachi: The Saudi government has extended the deposit of 3 billion dollars for Pakistan for one more year.

According to the State Bank of Pakistan, the Saudi Fund for Development (SFD) has extended the period of the 3 billion dollar fund deposited to stabilize Pakistan’s foreign exchange reserves. Extending the tenure of deposits by one year is a reflection of the strong special relationship between Pakistan and Saudi Arabia.

In this regard, the sources of the Ministry of Finance say that 3% interest will also be paid on the safe deposit of 3 billion dollars, while Pakistan will have to return the money immediately if there is a risk of default. According to the sources, the money kept as safe deposit will not be able to be used.

It should be noted that Prime Minister Shehbaz Sharif had a discussion with the Saudi Crown Prince in this regard, in which the two leaders reiterated their commitment to cooperation in many fields and issues of mutual interest between the two countries.

It should be remembered that in November 2021, a $3 billion deposit agreement was signed between the Saudi Fund for Development SFD and the State Bank.