The Saudi Fund for Development (SFD) has extended the term for the $3 billion deposit with the State Bank of Pakistan (SBP) for another year, maturing on December 5, 2024. This extension is a continuation of the support provided by the Kingdom of Saudi Arabia to Pakistan, aiming to strengthen Pakistan’s foreign exchange reserves and contribute to the country’s economic growth and development.
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It’s worth noting that the deposit agreement was initially signed with SFD in 2021 and has been rolled over in 2022 and 2023. This extension reflects the ongoing close relationship between the two countries.