ISLAMABAD – Saudi Arabia has rolled over a $3 billion deposit in Pakistan. This step follows a formal agreement between the State Bank of Pakistan and the Saudi Fund for Development.
The agreement was signed in Washington DC. It involved officials from both countries. State Bank of Pakistan Governor Jameel Ahmed and the CEO of Saudi Fund for Development signed the deal. Federal Finance Minister Muhammad Aurangzeb was also present.
Officials said the move by Saudi Arabia shows continued support for Pakistan’s economy. The finance minister described the agreement as a sign of strong economic ties. He added that such steps improve Pakistan’s financial stability.
The deposit rollover means Pakistan will not need to repay the $3 billion immediately. This helps ease pressure on the country’s foreign exchange reserves. It also supports efforts to maintain economic balance.
Earlier, Saudi Arabia had provided $2 billion to Pakistan. This inflow was confirmed by the central bank. It helped prevent a sharp decline in reserves at a critical time.
Pakistan is currently facing several financial obligations. The country is expected to pay $3.5 billion to the United Arab Emirates this month. Reports suggest the UAE did not agree to extend its deposits this time.
In addition, Pakistan has recently paid $1.2 billion for Eurobond maturities. These payments are part of its external debt commitments. Managing such obligations remains a key challenge for the government.
Economic experts say support from Saudi Arabia is crucial in this situation. It helps maintain investor confidence and stabilizes the currency market. Continued cooperation between the two countries is seen as important for long-term recovery.
In other news read more about Pakistan Receives $2 Billion From Saudi Arabia, Confirms SBP
Authorities have stated that efforts are ongoing to secure more financial support. The government aims to strengthen reserves and avoid future financial stress.
