On Sunday, the Saudi Fund for Development (SFD) announced that a $3 billion deposit for Pakistan that was due to mature on December 5 for a year had been renewed.
The State Bank of Pakistan (SBP) made the statement via its official Twitter account, stating that the deposit was made with the central bank in accordance with the programme and that the money has since been added to the $8.6 billion in foreign exchange reserves.
The SBP stated that “this reflects the ongoing, strong, and unique partnership between KSA and Pakistan.”To bolster Pakistan’s foreign currency reserves and help alleviate the negative consequences, Pakistan and the Kingdom signed the deposit agreement in November 2021.
