PM thanks Saudi leadership for extension in $3b deposit term

Islamabad: Prime Minister Shehbaz Sharif on Friday thanked the leadership and government of Saudi Arabia for extending the term of the deposit of $3 billion with the State Bank of Pakistan.

Welcoming the gesture, the prime minister particularly thanked Saudi Prime Minister and Crown Prince Mohammed bin Salman Al Saud and said Pakistan greatly valued his love for Pakistan.

“Once again, Saudi Arabia has played the role of an elder brother, and manifested its unprecedented love for Pakistan,” he remarked.

The prime minister said the extension in term for the deposit of $3 billion would help improve Pakistan’s economic situation.

He said the country’s economic independence was the government’s top agenda which required political stability and the Charter of Economy.

In a tweet, the Saudi Fund for Development said that the extension in term was made in pursuance of the directives of the Custodian of the Two Holy Mosques and Crown Prince in support of Pakistan’s economy.

“The extension of the term of the deposit, the agreement of which was signed in Nov. 2021, is a continuation of the support provided by Saudi Arabia to Pakistan, as it contributed to meet external sector challenges and achieve sustainable economic growth for the country,” the Fund said.