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Saudi Fund for Development extends term of $3bn deposit for another year: SBP

  • $3 billion deposit agreement was initially signed with SFD in 2021 and subsequently rolled over in 2022 and 2023
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By BR Web Desk

The Saudi Fund for Development (SFD) has extended the term for a deposit of $3 billion maturing on December 5, 2024 for another year to support Pakistan’s economy, the State Bank of Pakistan (SBP) said.

A deposit agreement for $3 billion was initially signed with the SFD in the year 2021 and subsequently rolled over in 2022 and 2023.

“The extension of the term of the deposit is continuation of the support provided by the Kingdom of Saudi Arabia to the Islamic Republic of Pakistan, which will help in strengthening the foreign exchange reserves of Pakistan and contribute to the country’s economic growth and development,” the SBP statement read.

The development is a relief for the central bank’s foreign exchange reserves that are currently standing at $11.42 billion as of November 22, 2024.

SBP foreign exchange reserves Saudi Fund for Development Pakistan and Saudi Arabia

Comments

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SAd Dec 05, 2024 08:06pm
With 12b in reserves we could have, we should have paid it but then again economic stability is more important. If this continues Till 2026 onwards we can pay 3B in one go maybe next year itself.
0
Ch K A Nye Dec 05, 2024 08:43pm
What's the interest rate to be paid?
0
zh Dec 05, 2024 11:07pm
It is a certain indication that the economy is taking off.
0
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