Karachi September 18 2022: Saudi Fund for Development (SFD) has confirmed rollover of $3bn deposit maturing on 5th December 2022 for one year, stated in a joint press Release of State Bank of Pakistan (SBP) and Saudi Fund for Development (SFD).
Deposit is placed with SBP and is part of its forex reserves.
“Financing commitments from bilateral and multilateral partners will help cover public gross external financing needs in FY23 of more than USD 30 billion and until the newly proposed end of the program in June 2023. IMF encourages all key bilateral creditors to maintain their exposure to Pakistan in line with program commitments.” says IMF.
“China has provided four billion in loan to Pakistan for which we have received commitment of rollover. In the same way UAE 2.4 billion loan will be rollover.” says Pakistan’s Finance Minister Miftah Ismail.
A deposit agreement between the Kingdom of Saudi Arabia, represented by the Saudi Fund for Development (SFD), and the Government of the Islamic Republic of Pakistan, represented by the State Bank of Pakistan (SBP), has been signed today by the Chief Executive Officer of SFD, H.E. Sultan Bin AbdulRahman Al-Marshad and the Governor SBP, Dr. Reza Baqir at the State Bank of Pakistan in Karachi, Pakistan.
Under this deposit agreement, SFD shall place a deposit of USD 3.0 billion with SBP. The deposit amount under the agreement shall become part of SBP’s Foreign Exchange Reserves. It will help support Pakistan’s foreign currency reserves and contribute towards resolving the adverse effects of the COVID19 pandemic.
The deposit agreement reflects the strong and special relationship between the Kingdom of Saudi Arabia and Pakistan and will further augment the economic ties between the two brotherly countries.
