Saudi Arabia has rolled over a $3 billion deposit in Pakistan under a new agreement. The deal was signed between the State Bank of Pakistan and the Saudi Fund for Development. The signing took place in Washington DC during official meetings.
The agreement was signed by the chief executive of the Saudi Fund for Development and SBP Governor Jameel Ahmed. Federal Finance Minister Muhammad Aurangzeb also attended the ceremony. Officials described the move as a positive step for Pakistan’s financial stability.
Speaking at the event, the finance minister said the support reflects strong ties with Saudi Arabia. He added that the agreement will help improve Pakistan’s external financial position. The rollover ensures that the funds remain in Pakistan’s reserves for a longer period.
This development comes at a crucial time for Pakistan’s economy. The country has been facing pressure on its foreign exchange reserves. Officials have been working to secure financial support from friendly countries and institutions.
Earlier, Saudi Arabia had also provided $2 billion to Pakistan. The State Bank confirmed that the amount helped prevent a sharp decline in reserves. These measures have supported economic stability in recent months.
Pakistan is currently dealing with several external payment obligations. The country is scheduled to pay around $3.5 billion to the United Arab Emirates this month. Reports indicate that the UAE did not agree to extend its deposits this time.
In addition, Pakistan recently paid $1.2 billion related to Eurobond maturities. These payments have increased pressure on the country’s financial resources. Experts say timely support from partners is important in such situations.
The rollover of the $3 billion deposit will help maintain reserve levels. It also provides breathing space for economic planning and reforms. Financial analysts view the move as a sign of continued cooperation between the two countries.
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Officials believe that such agreements strengthen confidence in Pakistan’s economy. They also highlight the importance of long-standing partnerships. The support from Saudi Arabia is expected to play a key role in stabilizing the financial outlook.
