KARACHI: On Monday، the State Bank of Pakistan signed a deposit agreement with the Saudi Fund for Development (SFD).
Governor State Bank Reza Baqir represented Pakistan, while Chief Executive Officer (CEO) of SFD Mr Sultan Abdulrahman Al-Marshad represented Saudi Arabia.
The SBP in its official press release stated that the SFD would deposit an amount of $3 billion in the central bank’s account which will then become a part of the State Bank’s Foreign exchange reserves. The reserves will ultimately contribute to the foreign exchange reserves of Pakistan and its battle against the Covid-19.
Saudi Arabia extended the support package last month when Prime Minister Imran Khan visited Saudi Arabia. The kingdom had decided to offer a support package of $3 billion and oil supply on deferred payments.
Earlier, after the completion of legal terms between the two states, the Pakistan Stock Exchange (PSX) had gained 1,297.86 points, breaking free from a declining trend that had prevailed last week.