Saudi Arabia extends a deposit of $3 billion to Pakistan

HipHop24  - HipHop24
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Saudi Arabia extends a deposit of $3 billion to Pakistan

On Friday evening, Saudi Arabia announced the extension of its $3 billion financial deposit with the Central Bank of Pakistan, in support of the country’s economy.

This came according to what was reported by the official Saudi and Pakistani news agencies.

And the Saudi Press Agency, “SPA”, reported that “the Saudi Fund for Development has extended the term of the deposit provided by the Kingdom in the amount of $ 3 billion in favor of the Central Bank of Pakistan.”

She explained that the extension came “in implementation of the directives of King Salman bin Abdulaziz Al Saud and his Crown Prince Mohammed bin Salman.”

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The agency indicated that the extension comes “in continuation of the support provided by the Kingdom’s government to Pakistan.”

In November of 2021, the Saudi Fund for Development signed an agreement with the Central Bank of Pakistan to grant it a financial deposit of $3 billion for a year, according to the agency.

The Saudi agency stated that the deposit aimed at “supporting the foreign currency reserves in the bank, and helping Pakistan in facing the economic repercussions of the Corona pandemic and enabling it to achieve sustainable economic growth.”

In a related context, the Pakistani news agency quoted the country’s central bank as confirming the extension of the Saudi deposit, without giving further details.

In turn, Pakistani Prime Minister Shahbaz Sharif welcomed the Saudi move, noting that extending the deposit “will help improve and strengthen the national economy” in his country.

In a statement carried by the Pakistan News Agency, Sharif expressed his thanks to the Saudi monarch and crown prince for the kingdom’s extension of the term of the deposit.

Sharif said, “The Kingdom’s decision reflects its affection and love and the strength of its brotherly and historical relations with Pakistan.”

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Posted by HipHop24 HipHop24
News journalist about music around the world, including pop, hip-hop and rap
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