In a significant move to support Pakistan’s economy, the Saudi Fund for Development (SFD), on behalf of the Kingdom of Saudi Arabia, has extended the term of its $3 billion deposit with the State Bank of Pakistan (SBP) for another year. The deposit, set to mature on December 5, 2024, will remain with Pakistan until December 2025.
The extension is part of Saudi Arabia’s ongoing commitment to strengthening Pakistan’s foreign exchange reserves and fostering economic growth and development in the country. This financial support underscores the close and enduring relationship between the two nations.
The $3 billion deposit agreement was originally signed in 2021 and has since been rolled over annually, with extensions granted in 2022, 2023, and now 2024. The decision to extend the deposit reflects the royal directives of the Kingdom of Saudi Arabia, reaffirming its steadfast support for Pakistan during challenging economic times.
