Karachi: The State Bank of Pakistan (SBP) has agreed to accept a $3 billion deposit from the Saudi Fund for Development (SFD).

A deposit agreement between the Kingdom of Saudi Arabia, represented by the Saudi Fund for Development (SFD), and the government of Pakistan, represented by the State Bank of Pakistan (SBP), was signed by the Chief Executive Officer of SFD Sultan Bin AbdulRahman Al-Marshad and the Governor of the SBP Dr Reza Baqir at the State Bank of Pakistan in Karachi, Pakistan, according to a statement released by the SBP on Monday.

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SFD will deposit USD 3.0 billion with SBP under the terms of this deposit arrangement. According to the SBP, the deposit agreement represents the Kingdom of Saudi Arabia and Pakistan’s strong and special connection, and it is intended to strengthen economic links between the two brotherly countries.

On October 27, Saudi Arabia agreed to give Pakistan $3 billion in cash and a $1.2 billion oil facility on a deferred payment basis.

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This is the kingdom’s second financial aid package to Pakistan in the last three years, aimed at assisting the country in dealing with a looming external sector crisis. In October 2018, the monarchy offered a $6 billion package to Pakistan to give the country breathing room before going to the International Monetary Fund for an extended credit arrangement.

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