Saudi Arabia ‘extends term’ for USD3bn deposit

In a major development on economic front, Kingdom of Saudi Arabia (KSA) has extended term for USD3.0 billion deposit placed with Pakistan for another year. According to State Bank of Pakistan (SBP) the Saudi Fund for Development (SFD) on behalf of the KSA has extended the term for the deposit of USD3.0 billion maturing on 08 December 2025 for additional one year. The said amount has been placed with the State Bank on behalf of Islamic Republic of Pakistan. “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 said.