Newsnomics AJAY ANGELINA reporter | Saudi Arabia, Crown Prince Mohammad Bin Salman give directives to the authorities to study augmenting the country's investments in Pakistan reach $10 billion, giving a major boost to Pakistan’s efforts to stabilize its deteriorating economy.
Saudi Press Agency reported that, “the Saudi leader also directed Saudi Fund for Development (SFD) to consider increasing the amount of deposits by $2 billion to reach $5 billion, confirming the Kingdom's position supportive to Pakistan’s economy and its people amid the worsening currency crisis.”
The announcement comes a day after Chief of Army Staff General Asim Munir had a meeting with Saudi crown prince during his first overseas official visit to Saudi Arabia.
SFD, the Saudi fund has extended its term for $3 billion deposit in the State Bank of Pakistan (SBP)matured on December 5,2022.
The State Bank of Pakistan has signed an agreement with the SFD to receive $3billion in the central bank’s account on November 2022 with an aim to improve its foreign exchange reserves.
Pakistan is facing severe currency crisis due to dwindling forex reserves which have slumped to $4.5 billion — enough for three weeks of imports.
On the other hand, Islamabad is making hectic efforts to revive the International Monetary Fund’s (IMF) loan
program stalled for months.
