Saudi Arabia confirms rollover of $3b deposit for one year

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Saudi Arabia has confirmed the rollover of a 3 billion dollar deposit in Pakistan for one year to bail out the cash-starved country.

State Bank of Pakistan (SBP) has announced that Saudi Fund for Development (SFD) has confirmed a rollover of 3 billion dollars maturing on December 5, 2022, for one year.

The deposit is placed with the State Bank of Pakistan (SBP) and is part of its forex reserves. Central Bank of Pakistan said that this reflects continuing strong and special relationship between the King of Saudi Arabia of Kingdom (SAK) and Pakistan.

Saudi Fund for Development (SFD) has confirmed rollover of $3bn deposit maturing on 5Dec22 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan. Old PR https://t.co/YvQ9VXPq0x
— SBP (@StateBank_Pak) September 18, 2022

Saudi Arabia has repeatedly provided assistance to Pakistan. When the former Prime Minister, Imran Khan, visited the kingdom, the U.S. offered $4.2 billion in aid to Pakistan.

This included a $3 billion deposit with the State Bank of Pakistan to bolster its reserves and a $1.2 billion credit to support oil derivatives activity over the year.

General Qamar Javed Bajwa, Chief of Army Staff (COAS), spoke with the authorities of the United Arab Emirates and Saudi Arabia earlier this month to discuss the IMF programme.