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ISLAMABAD: Pursuant to the instructions of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, the Saudi Fund for Development (SFD) has transferred the period of $3 billion deposit from the Kingdom of Saudi Arabia to the State Bank of Pakistan extend. Is.
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In implementation of the directives of the Custodian of the Two Holy Mosques & HRH Crown Prince & Prime Minister & in support of the economy of the Islamic Republic of #Pakistan; #SFD extend the term of the deposit of $3 billion which by #KSA after the @StateBank_Pak. pic.twitter.com/0VACcJo2m9
— Al-Saudi Fund for Development (@SaudiFund_Dev) December 2, 2022
In a statement issued by the Embassy of Saudi Arabia in the federal capital Islamabad on the social media site ‘Twitter’, it was said that the extension of the deposit period is the support given by the government of Saudi Arabia to the Islamic Republic of Pakistan. is a continuation of
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According to the statement issued, the purpose of the deposit is to increase the foreign exchange reserves in the bank and help Pakistan to face the economic impact caused by pandemics like COVID-19, to meet the challenges of external sectors to face and it must also play its role in achieving sustainable economic growth for the country.
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It should be noted that a $3 billion deposit agreement was signed with the State Bank of Pakistan in November 2021 last year by the Saudi Fund for Development (SFD).