LOC16:37
13:37 GMT
ISLAMABAD, Dec 2 (KUNA) -- Saudi Arabia has extended the term of USD 3 billion deposit in the State Bank of Pakistan (SBP) through the Saudi Fund for Development to support Pakistan's economy, said SBP on Friday.
According to a press release by SBP, the extension of the deposit period is a continuation of the support provided by the Government of Saudi Arabia to Pakistan. The purpose of the deposit is to augment the foreign currency reserves in the bank and help Pakistan deal with the economic impact caused by COVID-19.
Following the royal directives and reflecting the continuation of close relations between the two countries, the Saudi Fund for Development signed a USD 3 billion deposit agreement with the State Bank of Pakistan in November last year. The SBPآ’s statement said that the extension in the term "contributed to meeting external sector challenges and achieving sustainable economic growth for the country."
"The extension of the term of the deposit is a continuation of the support provided by the Saudi Arabian government to the Islamic Republic of Pakistan," the statement concluded.
Prime Minister of Pakistan Shehbaz Sharif has welcomed the extension, saying that it would help improve Pakistanآ’s economic situation. "Pakistanآ’s economic self-reliance is the first national agenda for which political stability and a balanced economy are the need of the hour," said PM Shehbaz in a statement.
The premier thanked the Saudi government saying that the kingdom had, once again, played the role of an "elder brother". (end)
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