Saudi Arabia’s big decision for Pakistani economy
Saudi Arabia has extended the repayment of the 3 billion dollar loan given to Pakistan by one year. The State Bank of Pakistan has confirmed the one-year delay in the repayment of the 3 billion dollar loan,it has been said that the Saudi Fund for Development. 3 billion dollar rollover has been confirmed. According to the State Bank of Pakistan,Saudi deposits are part of the country’s foreign exchange reserves and SFD’s 3 billion dollars of deposits expire on December 5, 22. It should be clear that on August 15,the news came out that Saudi Arabiahas decided to further extend the period of safe deposit of three billion dollars for Pakistan. In this regard,the sources of the Ministry of Finance said that 3 percent interest will also be paid on the safe deposit of 3 billion dollars,while Pakistan If there is risk of default,the amount will have to be returned immediately.
Sources showed the possibility of extending the period of the three billion dollar safe deposit until December 2023 and said that the money kept under the safe deposit cannot be used. Minister of State for Finance Ayesha Ghos Pasha expressed hope. It was said that a one-year extension agreement with Saudi Arabia will be concluded soon. According to the Minister of State,Saudi Arabia will also provide 100 million dollars of oil per month. He had told that Saudi Arabia will get $1 billion worth of oil in 10 months,Pakistan and Saudi Arabia have brotherly relations.