Ishaq Dar lauds Saudi Arabia for extending term of $3b deposit

ISLAMABAD: Finance Minister Ishaq Dar on Wednesday thanked Kingdom of Saudi Arabia (KSA) for extending the period of its deposits worth $3 billion in State Bank of Pakistan (SBP), shoring up the country’s foreign exchange reserves, ARY news reported.

According to details, the acknowledgment came during a meeting between Finance Minister and Saudi Arabia Ambassador Nawaf Bin Said Al-Malki, who called on him in Islamabad.

The finance minister extended a warm welcome to the Saudi Ambassador and highlighted the historical, religious, cultural and long-standing bilateral ties between Pakistan and Saudi Arabia.

It was shared that both states enjoy exceptional relationship on various fronts including economy and trade, said a press release issued here. He apprised the ambassador about the ongoing post-flood reconstruction and rehabilitation program.

Ishaq Dar thanked the ambassador for extending the term of US$ 3 billion deposit in SBP by Saudi Fund for Development (SFD). He also thanked SFD for their valuable investments in different sectors of Pakistan’s economy.

Nawaf Bin Said Al-Malki acknowledged the long-term relationship and shared that Kingdom of Saudi Arabia aims to further deepen its economic and commercial ties with Pakistan.

In conclusion, the finance minister expressed gratitude towards the Kingdom of Saudi Arabia for continuous support and cooperation with Pakistan.

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Meanwhile, Finance Minister Ishaq Dar and Governor’s State Bank of Pakistan (SBP), Jameel Ahmad Wednesday discussed overall economic situation of the country during a virtual meeting.

During the meeting, various fiscal and monetary measures were discussed for maintaining the economic growth and stability in the country.

The Governor SBP thanked the Finance Minister for continuous support by the present government for the policy initiatives taken by the state bank.