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Pakistan, Saudi Arabia might ink deal for $2 billion deposits

Pakistani authorities hope that Islamabad will signal a deal for extra deposits of $2 billion from the Kingdom of Saudi Arabia (KSA) after Eid, media reviews stated. A prime authorities official stated that the State Financial institution of Pakistan will signal a cope with the Saudi Fund for Growth (SFD) quickly after Eid for a further $2 billion deposits, The Information reported.

He added that Saudi Arabia had confirmed bilateral help help, which was additionally acknowledged by the SFD workers. This settlement is the follow-up on the affirmation of extra monetary help of $2 billion and $1 billion from KSA and the UAE, he added, The Information reported.

Official sources clarified that Pakistan neither made any contemporary request for extra help from the KSA nor the UAE, aside from the already confirmed $2 billion and $1 billion by these nations, respectively. Saudi Arabia had already rolled out over $3 billion in deposits for one 12 months, which matured on December 5, 2022.

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This $3 billion deposits is a part of international alternate reserves of $4.43 billion mendacity with the State Financial institution of Pakistan.

This $3 billion deposits and $1.2 billion oil facility on deferred cost have been offered by the KSA in November 2021 through the tenure of the PTI-led authorities.

When incumbent Prime Minister Shehbaz Sharif had visited Saudi Arabia after assuming energy final 12 months, Pakistani authorities had requested for rollover of $3 billion deposits and a $1.2 billion oil facility for one 12 months, in addition to for extra deposits, The Information reported.




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