December 1, 2021

Saudi Fund for Development deposits $ 3 bln with SBP

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Saudi Fund for Development deposits $ 3 bln with SBP

ISLAMABAD Oct 27,2021

The Saudi Fund for Development on Tuesday announced a “generous directive” to deposit an amount of US three billion dollars with the State Bank of Pakistan to help the government support its foreign currency reserves and support it in facing the repercussions of the Corona pandemic.

According to Saudi Press Agency, the deposit of US 3 billion dollars was in addition, to an oil deferred payment facility of US 1.2 billion dollars for petroleum products, during the year.

The announcement would help ease pressure on Pakistan’s foreign exchange reserves, due to the recent sharp hike in global commodity prices.

Information Minister Ch. Fawad Hussain shared the major development on his Twitter handle, a day after the return of Prime Minister Imran Khan from a three-day visit to the Kingdom to attend the Middle East Green Initiative of the Saudi Crown Prince.

Prime Minister Imran Khan on Wednesday in a tweet, thanked Crown Prince of Saudi Arabia Mohammad bin Salman for supporting Pakistan with $3 billion as deposit in Pakistan’s central bank State Bank of Pakistan (SBP) and financing refined petroleum product with $1.2