The Saudi Fund for Development (SFD), representing the Kingdom of Saudi Arabia, has extended the maturity period of its $3 billion deposit placed with the State Bank of Pakistan (SBP) by another year. Initially set to mature on December 5, 2024, the deposit has now been rolled over until 2025. This initiative underscores Saudi Arabia’s continued support for Pakistan, aiming to bolster the country’s foreign exchange reserves and facilitate its economic growth and development.
The $3 billion deposit agreement was first signed between the SFD and Pakistan in 2021. Since then, it has been renewed annually in 2022 and 2023, following directives issued under the royal guidance of Saudi Arabia. This series of renewals reflects the strong and enduring partnership between the two nations. By providing critical financial support, the Kingdom continues to play a significant role in stabilizing Pakistan’s economy and promoting sustainable development.
This extension reaffirms Saudi Arabia’s commitment to strengthening ties with Pakistan, emphasizing the deep-rooted relationship shared by the two brotherly countries. It also highlights the Kingdom’s strategic intent to support economic stability in the region.
The rollover comes at a critical time, providing much-needed relief to Pakistan as it grapples with economic challenges, including dwindling reserves. Saudi Arabia’s financial assistance not only eases Pakistan’s liquidity concerns but also instills confidence in its economic prospects.
As Pakistan continues to navigate its economic recovery, the Kingdom’s gesture serves as a testament to the enduring cooperation and mutual trust between the two nations.
