The Saudi Fund for Development has prolonged the maturity of its three billion dollar financial placement with the State Bank of Pakistan, a move aimed at bolstering the South Asian nation’s external financial stability.
This significant accord was formalised in Washington D.C., with Mr. Sultan bin Abdul Rahman Al-Marshad, Chief Executive Officer of the Saudi Fund for Development, and Mr. Jameel Ahmad, Governor of the State Bank of Pakistan, signing the document, according to a report today.
Finance Minister Muhammad Aurangzeb was also in attendance during the signing ceremony. The continuation of this substantial deposit underscores the robust and enduring financial collaboration between Pakistan and the Kingdom of Saudi Arabia, providing further reinforcement to Pakistan”s foreign exchange position.