In Karachi, the Saudi Fund for Development (SFD) has agreed to extend the deadline for a $3 billion deposit from Saudi Arabia, originally due on December 5, 2024, for an additional year.

The State Bank of Pakistan (SBP) announced this decision on Thursday, highlighting Pakistan’s efforts to boost its economy.

The $3 billion has been placed with the State Bank of Pakistan (SBP) on behalf of the Islamic Republic of Pakistan, according to the official statement.

This extension of the deposit deadline is part of Saudi Arabia’s ongoing support for Pakistan, which will help bolster Pakistan’s foreign exchange reserves and contribute to its economic growth and development.

It is important to note that the $3 billion deposit agreement was originally signed with the SFD in 2021 and has been extended in 2022 and 2023, demonstrating the strong relationship between the two countries.