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Saudi Arabia deposits $3b in SBP reserves

The Saudi Development Fund (SDB) has announced a “generous directive” to deposit $3 billion into the State Bank of Pakistan (SBP) reserves to help the Pakistani government support its foreign exchange reserves in the face of the fallout from the Covid-19 pandemic, according to an official statement issued by the kingdom late Tuesday.

In addition, the kingdom has also announced financing the oil derivatives trade for a total of $1.2 billion during the year, the fund said.

“The fund indicated that these generous directives confirm the Kingdom’s continued position in supporting the economy of our sister Republic of Pakistan,” read the statement.

Development comes a day after Prime Minister Imran Khan concluded his three-day visit to Saudi Arabia.

On Monday, PM Imran met with Saudi Arabia’s Crown Prince Mohammed bin Salman on the sidelines of the Middle East Green Initiative (MGI) Summit in Riyadh and discussed bilateral ties among other matters including Afghan crisis.

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