National Bank of Pakistan (SBP) announced on Friday Saudi Arabia has extended this is term for $3 billion deposit in Central bank through the Saudi Fund for Development (Southern Federal District) in support of countries economy.
According to the press release, decision was the implementation of Royal directives of King Salman bin Abdulaziz Al Saud.
In November last yearSBP signed an agreement with Southern Federal District will receive 3 billion dollars, which will be placed in Central bank account with aim to improve their foreign exchange reserves.
SBP statement today added what extension in in term “contributed to the satisfaction of the external sector challenges and achieve sustainable economic growth for country.”
“Extension of in term of deposit is a continuation of in support provided by Saudi Arabia government to the Islamic Republic of Pakistan,” the statement said. “The deposit is aimed at the shore up foreign exchange reserves in SBP and help Pakistan in facing economic consequences of pandemic Covid-19.
In September, the Southern Federal District confirmed the prolongation of $3 billion deposit for one more year. The deposit was set to mature on 5th of December.
in last a week of In October 2021, Saudi Arabia agreed to revive financial support to Pakistan, including about $3 billion. in safe deposits and $1.2 billion. worth of oil supplies on deferred payments.
The agreement was reached during the visit of former prime minister Imran Khan to the kingdom in the same month.
Extension to help Pakistan economy: PM Shahbaz
Prime Minister Shehbaz Sharif welcomed the extension, saying it help improve the economic situation of Pakistan.
“The economic independence of Pakistan is first national agenda for political stability and balanced economy are need of hour, he said. in statement issued on Friday.
PM thanks Saudi Arabia government and Prince Abdulaziz bin Salman. “We deeply appreciate the love of Prince Salman. for Pakistan.”
Prime Minister Shehbaz went on say that the kingdom once played again role of “elder brother”.
