Pakistan's central bank reported on Friday that the Kingdom of Saudi Arabia (KSA) had extended the term of the $3 billion deposit in the State Bank of Pakistan (SBP), shoring up the country's foreign exchange reserves and strengthening the domestic economy. In implementation of the directives of the Custodian of the Two Holy Mosques & HRH Crown Prince & Prime Minister & in support of the economy of the Islamic Republic of #Pakistan; #SFD extends the term of the $3 billion deposit provided by #KSA to the @StateBank_Pak. 1/2 Implementing directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud - may Allah protect him; the Saudi Fund for Development @SaudiFund_Dev has extended the term for deposit, $3bn, provided by Kingdom of Saudi Arabia to State Bank of Pakistan. — SBP (@StateBank_Pak) December 2, 20222/2 Extension of term of the deposit is a continuation of support provided by the government of Kingdom of Saudi Arabia to Islamic Republic of Pakistan. Pakistan has made arrangements of $32-34 billion to repay foreign debt and finance the current account deficit during the current fiscal year 2023 i.e.
