Pakistan, Saudi Arabia can deal for $ 2 billion deposit

Pakistan, Saudi Arabia can deal for $ 2 billion deposit

Pakistan News Desk!! Pakistani officials expect Islamabad to sign an agreement for additional deposits of $2 billion from the Kingdom of Saudi Arabia (KSA) after Eid. The News reported that a top government official said that the State Bank of Pakistan would sign an agreement with the Saudi Fund for Development (SFD) to deposit an additional $2 billion immediately after Eid. As reported by The News, he said that Saudi Arabia had confirmed bilateral aid support, which was also acknowledged by the SFD staff. The agreement follows the confirmation of additional financial assistance of $2 billion and $1 billion from the KSA and the UAE.

Official sources clarified that Pakistan made no fresh request for more support from either the KSA or the UAE, apart from the $2 billion and $1 billion that have already been confirmed by these countries, respectively. Saudi Arabia had already drawn deposits worth over $3 billion for one year, maturing on December 5, 2022. This $3 billion deposit is part of the $4.43 billion foreign exchange reserves lying with the State Bank of Pakistan. This $3 billion deposit and $1.2 billion oil facility on deferred payment was provided by the KSA in November 2021 during the tenure of the PTI-led government. According to a report in The News, when the current Prime Minister Shehbaz Sharif visited Saudi Arabia after assuming power last year, the Pakistani authorities handed over $3 billion in deposits for one year and $1.2 billion in oil as well. Requested for additional deposit amount.



World News Desk!!!

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