Saturday, February 4, 2023

Saudi fund signs accord with Pakistan’s central bank to deposit $3 billion

Saudi Fund for Development signs two agreements with Pakistan worth $4.2 billion

The Saudi Fund for Development (SFD) has signed two agreements worth $4.2 billion with the Government of Pakistan to support the country’s foreign currency reserves and trade in oil derivatives.

Saudi Fund to deposit US$3 billion with SBP

by the Chief Executive Officer of SFD Sultan Bin AbdulRahman Al-Marshad and the Governor of State Bank of Pakistan (SBP) Dr. Reza Baqir at the central bank headquarters in Karachi.

“Under this deposit agreement, SFD shall place a deposit of US$3 billion with SBP. The deposit amount under the agreement shall become part of SBP’s Foreign Exchange Reserves. It will help support Pakistan’s foreign currency reserves and contribute towards resolving the adverse effects of the COVID-19 pandemic” the Pakistan central bank said.

Oil credit

The second agreement to finance the trade of oil derivatives with a value of US$1.2 billion for one year to Pakistan, was signed by Minister for Economic Affairs of Pakistan Omar Ayub Khan in the presence of the CEO of SFD as well as Ambassador of KSA to Pakistan Nawaf bin Said Al-Malki at the Ministry of Economic Affairs in Islamabad.

These two agreements to finance trade in oil derivatives and support Pakistan’s foreign currency reserves “will contribute to the country’s economic growth and help resolve the adverse repercussions of the COVID-19 pandemic” said Al-Marshad, CEO of the Saudi Fund for Development.

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