September 14, 2023
Banking Pakistan

Saudi Arabia Mulls Boosting Residue In SBP To $5bn

Saudi Crown Prince Mohammed Bin Salman has overseen the Saudi Development Fund (SDF) to research increasing the residue payment in the State of Bank of Pakistan (SBP) to $5 billion, the Saudi Press Agency (SPA) documented on Tuesday.

“His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, has directed to study augmenting the Kingdom of Saudi Arabia’s investments in the sisterly Islamic Republic of Pakistan which have previously been announced on August 25, 2022, to reach $10 billion,” it said.

“The crown prince also directed the Saudi Development Fund to study increasing the amount of the deposit provided by the Kingdom of Saudi Arabia in favour of the Central Bank of Pakistan which have previously been extended on December 2, 2022 to hit a $5 billion ceiling,” the report declared.

The move, SPA expressed, substantiated Saudi Arabia’s situation on funding the economy of Pakistan and its “sisterly people”.

The expansion was achieved within the framework of the existing transmission between Prince Salman and Prime Minister Shehbaz Sharif, it counted.

Today’s statement comes a day after Chief of Army Staff General Asim Munir who was on a week-long administrator visit to Saudi Arabia and UAE clasped a conference with Prince Salman in Madina and examined ways to enhance bilateral ties between the two nations.

Leave a Reply

Your email address will not be published. Required fields are marked *