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Saudi and Pakistan may sign $2bn deposit deal after Eid

The Saudi deposit into Pakistan’s central bank was intended to strengthen the country's economy REUTERS/Akhtar Soomro
The Saudi deposit into Pakistan’s central bank was intended to strengthen the country's economy

Pakistan is likely to sign a deal for additional deposits of $2 billion from Saudi Arabia after Eid Al-Fitr, a local media report said.

The State Bank of Pakistan is expected to sign a deal with the Saudi Fund for Development (SFD) soon after Eid, The News media outlet said, citing a top government official.

Saudi Arabia has previously confirmed bilateral assistance, which has been accepted by the International Monetary Fund staff. 

The unnamed official said the agreement is a follow-up on the confirmation of additional financial support of $2 billion and $1 billion from Saudi Arabia and the UAE respectively.

Official sources further stated that Pakistan had made no new request for more support. 

Saudi Arabia had already rolled over $3 billion in deposits for one year, which matured on December 5, 2022.  

In addition, the kingdom has so far provided $782.82 million in oil facilities during the first nine months (July-March) of the current fiscal year 2022-23. 

Saudi Arabia has been providing approximately $100 million for procuring oil facilities every month, the report said.

External financing is needed to fully fund the country’s balance of payments gap for the fiscal year that ends in June.

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