Saudi Arabia extends term for deposit to Pakistan's central bank

Move aims to support economy of the Islamic Republic of Pakistan

Saudi Arabia's King Salman announced the extension of a deposit term with Pakistan. AP
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Saudi Arabia has extended the term for a $3 billion deposit it had made to Pakistan's central bank, state Saudi Press Agency reported on Friday.

"Under directives from the Saudi king and the crown prince, the Saudi Fund for Development extends the term of a deposit worth $3 billion to Pakistan's Central Bank," SPA said.

The move aims to support the economy of the Islamic Republic of Pakistan, it added.

This week, the kingdom agreed to extend the terms of a $5 billion aid package to Egypt, pledged in March, in a move aimed at bolstering the North African country’s recent deal with the International Monetary Fund.

Saudi Arabia had said the extension would allow Egypt to open “new financing channels with regional and international organisations” and help with the completion of a preliminary $3 billion agreement the Middle East’s most populous country reached with the IMF in October.

Updated: December 02, 2022, 12:20 PM