Saudi Arabia has confirmed renewing its deposit of $3 billion with the State Bank of Pakistan for one year, the SPP announced on Sunday.
“Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on 5 Dec 22 for one year,” the central bank said on its official Twitter handle.
The deposit is placed with the SBP and is part of its foreign exchange reserves. “This reflects continuing strong and special relationship between KSA and Pakistan,” it added.
Last month, the kingdom announced investing $1 billion in Pakistan as part of its plan to help revive the country’s economy which has been reeling from one crisis to another in the last few months.
Bilawal wins $1b Saudi investment pledge
“The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, issued a directive to invest $1 billion in Pakistan, in confirmation of the kingdom’s support of the Pakistani economy and the Pakistani people,” read the statement issued by the Saudi State media on August 25.
It is not clear where and when the latest investment would be made. Saudi Arabia is one of the key countries that Pakistan has been seeking financial support from.
Saudi Arabia extended to support multiple times to Pakistan. It pledged $4.2 billion in assistance when former prime minister Imran Khan visited the kingdom in October. That included a deposit of $3 billion with the SBP to help shore up its reserves and a facility to finance oil derivatives trade worth $1.2 billion during the year.