ISLAMABAD: Kingdom of Saudi Arabia (KSA) has extended the deposit period of $3 billion on December 5, 2024, for another year, here on Thursday.
The State Bank of Pakistan (SBP) announced this in a statement on Thursday, a development that will boost national economic growth.
The central bank said that the said amount has been deposited with the State Bank of Pakistan (SBP) on behalf of the Islamic Republic of Pakistan.
The extension of the deposit period is a continuation of the support provided by Saudi Arabia to Pakistan, which will help strengthen Pakistan’s foreign exchange reserves and contribute to the country’s economic growth and development.
It is worth noting that the deposit agreement for $3 billion was initially signed with SFD in 2021 and was followed by extensions in 2022 and 2023, following the issuance of royal directives that reflect the continuation of close relations between the two brotherly countries.
This development came a day after Prime Minister Shehbaz Sharif met Saudi Crown Prince Mohammed bin Salman bin Abdulaziz on the sidelines of the ‘One Water Summit’ in Riyadh.
During the meeting, both sides agreed to promote their economic, trade and investment ties. They also expressed satisfaction over the pace of implementation of Saudi MoUs and agreements regarding investment in Pakistan.
