The State Bank of Pakistan (SBP) on Sunday announced that the Saudi Fund for Development (SFD) confirmed the rollover of a $3 billion deposit for one more year.

The deposit was set to mature on December 5, the SBP tweeted, adding that the amount was placed with the central bank as part of its foreign exchange reserves.

“This reflects continuing strong and special relationship between KSA (Kingdom of Saudi Arabia) and Pakistan,” the SBP said.

The agreement for the deposit was originally signed in November 2021 with an aim to improve the SBP’s foreign exchange reserves.

The agreement was signed by SFD Chief Executive Officer Sultan Bin Abdul Rahman Al-Marshad and former SBP governor Dr Reza Baqir at the State Bank in Karachi.

In the last week of October 2021, Saudi Arabia had agreed to revive its financial support to Pakistan, including about $3bn in safe deposits and $1.2bn worth of oil supplies on deferred payments. The agreement was reached during the visit of former prime minister Imran Khan to the kingdom the same month.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Another lynching
Updated 22 Jun, 2024

Another lynching

The chilling alternative to not doing anything — which appears to be the state’s preferred option — is the advent of mob rule.
Tax & representation
22 Jun, 2024

Tax & representation

THE taxation measures outlined in the budget for the incoming fiscal year have triggered a lot of concern among ...
Life of the party?
22 Jun, 2024

Life of the party?

THE launch of Awaam Pakistan, a party led by former prime minister Shahid Khaqan Abbasi and former finance minister...
KP’s ‘power struggle’
Updated 21 Jun, 2024

KP’s ‘power struggle’

Instead of emboldening protesters, CM Gandapur should encourage his provincial subjects to clear their due bills and ensure theft is minimised.
Journalist’s murder
21 Jun, 2024

Journalist’s murder

ANOTHER name has been added to the list of journalists murdered in Pakistan. On Tuesday, Khalil Jibran’s vehicle...
A leaner government?
21 Jun, 2024

A leaner government?

FINANCE Minister Muhammad Aurangzeb has reiterated his government’s ‘commitment’ to shutting down ministries...