Governor State Bank of Pakistan (SBP), Jameel Ahmad, has said that extension of term for $3bn deposit by Saudi Arabia in SBP will help, restore Pakistan economy after the outbreak of COVID-19.
Governor SBP said that approval of the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud to extend the term for deposit, $3bn, provided by Kingdom of Saudi Arabia to State Bank of Pakistan – may Allah protect him; the Saudi Fund for Development (SFD) will help and restore Pakistan economy on sustainable basis. He said extension of term of the deposit is a continuation of support provided by the government of Kingdom of Saudi Arabia to Islamic Republic of Pakistan. He said this extension of term for deposit, $3bn, provided by Kingdom of Saudi Arabia to State Bank of Pakistan will strengthen Pakistan’s economy’s outlook. Similarly, this extension of term for deposit of $3bn will enhance bilateral economic relationship of the two brethren countries and this reflect close and special relationships of the two countries, said Jameel Ahmad, Governor SBP.
It is pertinent to mention that this agreement between the two countries was signed through SFD with SBP on November 21.
