Sigh of relief for Pakistan as Saudi Arabia announces support.
Riyadh vows to help Islamabad steer crisis.
Develoment comes after Gen Munir's meeting with Mohammad Bin Salman.
RIYADH: In a major boost to Pakistan’s efforts to strengthen its forex reserves amid the worsening currency crisis, Saudi Crown Prince Mohammad Bin Salman Tuesday directed the authorities to study increasing the amount of the deposit by $2 billion to reach $5 billion.
Last month, the Saudi Fund for Development (SFD) extended its term for the $3 billion deposit in the State Bank of Pakistan which was set to mature on December 5.
The SBP had signed an agreement with the SFD in November 2022 to receive $3bn, to be placed in the central bank’s account with an aim to improve its foreign exchange reserves.
According to a Saudi Press Agency (SPA) report today, Crown Prince Mohammad Bin Salman has directed the SDF to study increasing the amount of the deposit which has previously been extended on December 2, 2022 to hit a $5 billion ceiling, confirming the kingdom's position supportive to Pakistan’s economy and its people.
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