Saudi Arabia to extend $3 billion safe deposit to assist Pakistan

ISLAMABAD: Saudi Arabia has decided to extend the period of its $3 billion safe deposit in assistance to Pakistan, citing sources ARY News reported on Monday.

According to sources in the finance ministry, the Kingdom of Saudi Arabia will extend its $3 billion safe deposit for one more year adding that three percent interest will be paid for it.

“The safe deposit amount will be liable to be paid back immediately in case of Pakistan’s default,” sources shared.

The amount will not be liable to be utilized, sources said. The period of $3 billion safe deposit will likely to be extended upto December 2023, according to sources.

Minister of State for Finance, Ayesha Ghous Pasha has said that the agreement to renew the deposit period will be decided soon.

The brotherly country will also provide $100 million petroleum products a month for 10 months on deferred payment of one billion dollar, as additional support, state minister said.

Pakistan is looking to rein in one of Asia’s highest inflation rates and stave off a current-account crisis, sources said.

The sources within the finance ministry, recently stated that there were positive indications of an economic package worth $8 billion from friendly countries.