PTI
In a major relief to debt-ridden Pakistan’s struggling economy, Saudi Arabia has extended the term of its USD 3 billion deposit with the country’s central bank for another year, according to an official announcement.
The State Bank of Pakistan (SBP), which is also known as Pakistan’s central bank, said that the decision by the Saudi Fund for Development (SFD) was taken just prior to the maturing date of the USD 3 billion deposit that was due on December 5, 2023.
“The Kingdom of Saudi Arabia extends term for a USD 3 billion deposit placed with Pakistan to support Pakistan’s economy. The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of USD 3 billion maturing on 05 December 2023 for another year,” the SBP said in a statement.
