Saudi Arabia deferred on Thursday the repayment of a $3billion loan deposited with the State Bank of Pakistan (SBP) by one year in a bid to provide relief to the country’s economy.
According to details, the SBP confirmed that the Saudi Fund for Development (SFD) extended the repayment timeline, which was due today.
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"Saudi Arabia initially deposited the $3billion in 2021," said the SBP.
The statement said: "The kingdom has now rolled over the repayment for the third time, after similar extensions in 2022 and 2023."
Meanwhile, Pakistan's foreign exchange reserves reached their highest level in three years, standing at $16.62 billion, according to the latest data from the State Bank of Pakistan (SBP).
The SBP reported that the reserves increased due to a $500 million loan from the Asian Development Bank (ADB).
This inflow helped boost the central bank's reserves by $620 million, bringing them to $12.04 billion. However, commercial bank deposits decreased by $76 million, now standing at $4.58 billion.
With this development, Pakistan has fulfilled a key condition set by the International Monetary Fund (IMF) for the economic stability.
"This milestone marks the fulfillment of another IMF requirement, demonstrating progress in meeting international financial obligations," noted the SBP in its report.
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