Web Desk (LTN NEWS): Saudi Fund for Development (SFD) has confirmed that a $3 billion deposit will be kept for another year, the State Bank of Pakistan (SBP) said.
SBP tweeted that the deposit was due to be paid off on December 5 and that the money had been put with the central bank as part of its foreign exchange reserves.
“This shows that KSA (the Kingdom of Saudi Arabia) and Pakistan continue to have a strong and unique relationship,” SBP said.
The agreement for the deposit was signed in November 2021, and it was meant to help the SBP get more foreign currency.
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At the State Bank in Karachi, the agreement was signed by the CEO of SFD, Sultan Bin Abdul Rahman Al-Marshad, and Dr. Reza Baqir, who used to be the governor of SBP.
In the last week of October 2021, Saudi Arabia agreed to start giving Pakistan money again. This included putting about $3 billion in safe deposits and $1.2 billion worth of oil on credit. The deal was made in the same month when former Prime Minister Imran Khan went to the kingdom.
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