Karachi: The State Bank of Pakistan (SBP) on Sunday (September 18) confirmed the rollover of the USD 3 billion deposit by Saudi Arabia in the central bank for another year to stabilise foreign exchange reserves (FOREX), news sources reported.
In a Twitter announcement, the central bank informed that the Saudi Fund for Development (SFD) gave the final approval for the rollover for one year. As per the agreement signed between Saudi Arabia and Pakistan in 2021, the deposits will serve as a buffer to stabilise the country’s economy and rupee-to-dollar parity. Moreover, the central bank also confirmed that the deposit by the Kingdom of Saudi Arabia (KSA) will mature on December 5.
In another tweet by the central bank, it was confirmed that the Saudi government will also provide the country with USD 1.5 billion worth of oil products for one-year deferred payments.
It is worth noting that Pakistan recently got USD 1.17 billion from the International Monetary Fund (IMF) and expects to get USD 4 billion as part of an assistance programme from Gulf countries. Countries that have committed funding include the UAE and Qatar, which are also willing to invest in a Re-Liquified Natural Gas (RLNG)-powered electric power plant.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
