ISLAMABAD: Saudi Arabia has extended the period of deposit of 3 billion dollars with Pakistan to stabilize Pakistan’s economy.

The Saudi Fund for Development (SFD) has extended the period of the deposit of 3 billion dollars by the Kingdom of Saudi Arabia for one more year, which will complete the period on December 05, 2023.

This amount is deposited in the State Bank of Pakistan (SBP) on behalf of the Islamic Republic of Pakistan.

The extension of the deposit period is a continuation of the support provided by the Kingdom of Saudi Arabia to the Islamic Republic of Pakistan.

This will help in maintaining Pakistan’s foreign exchange reserves and economic development of the country.

This $3 billion deposit agreement was initially signed in 2021 by SFD with the State Bank of Pakistan.

After the royal decree was issued, it was reissued in 2022.

Which is a reflection of the continuation of close relations between the two brotherly countries.