Saudi Arabia rolled over its US$3 billion deposit for Pakistan after the Saudi Development Fund approved a one-year extension, according to details released on Thursday.
According to details surfaced, the State Bank of Pakistan (SBP) currently holds the US$3 billion deposit. Saudi Arabia first provided the deposit in 2021 under an agreement intended to support Pakistan’s external account.
Sources divulged that the Saudi Fund for Development Fund granted an additional year for the deposit, which would otherwise have matured on Thursday.
It is pertinent to note that Saudi Arabia had also deferred on the repayment of a $3billion loan deposited with the State Bank of Pakistan (SBP) by one year in a bid to provide relief to the country’s economy in 2024.
