Saudi Funds To Pakistan:
State Bank of Pakistan Signed an agreement with Saudi Funds for Development (SFD) Chief Executive Officer Sultan Bin Abdul Rahman Al-Marshad at Karachi on Monday.
According to agreement Pakistan receive 3 billion $ from Saudi Funds for Development (SFD) which will be placed in the SBP's account with an aim to improve its foreign exchange reserves.
In the last week of Oct, Saudi Arabia ha agreed to revive its financial support to Pakistan, including about 3 billon $ in safe deposits and 1.2 billion $ worth of oil supplies on deferred payments.
An agreement was reached during the visit of Prime Minister Imran Khan to the kingdom last month.
"Under the deposit agreement, SFD shall place a deposit of USD 3 billion with SBP. The deposit amount under the agreement shell become part of SBP's Foreign Exchange Reserves," Information Minister Fawad Chaudhry said the press release issued on Monday.
The press release further started it would help support Pakistan's foreign currency reserves and contribute towards resolving thee adverse effects of Covid-19 pandemic.
During the meeting, matters relating to the dividends paid by the public sector enterprises also came under discussion.
Regards: Daily News pk1
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