The Saudi Fund for Development (SFD) has been instructed by Saudi Crown Prince Mohammed Bin Salman to investigate raising the deposit amount at the State Bank of Pakistan (SBP) to $5 billion.
“His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, has directed to study augmenting the Kingdom of Saudi Arabia’s investments in the sisterly Islamic Republic of Pakistan which have previously been announced on August 25, 2022, to reach $10 billion,” it said.
“The crown prince also directed the Saudi Development Fund to study increasing the amount of the deposit provided by the Kingdom of Saudi Arabia in favor of the Central Bank of Pakistan which have previously been extended on December 2, 2022, to hit a $5 billion ceiling,” according to Saudi Press Agency.
According to SPA, the action proved Saudi Arabia’s determination to support Pakistan’s economy and friendly people.
The development was made possible by the ongoing conversation between Prince Salman and Prime Minister Shehbaz Sharif.
The declaration was made today, one day after Prince Salman and General Asim Munir, the Chief of Army Staff, met in Madina to talk about measures to improve bilateral ties between the two countries. Munir was in Saudi Arabia and the United Arab Emirates for a week-long business trip.
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A 2021 agreement between the SBP and SFD provided that the SBP would receive $3 billion, which would be placed in the account of the central bank to raise its foreign exchange reserves.
In September of last year, the SFD subsequently recognized the rollover of a $3 billion deposit for an additional year. Although Saudi Arabia extended the duration of the deposit on December 2, it was originally due to mature on December 5.
Prior to that, Saudi Arabia promised to resume supplying Pakistan with financial support in the last week of October 2021, including $1.2 billion in oil supplies on a deferred payment schedule and almost $3 billion in safe deposit boxes.
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