The federal cabinet has accepted a deal to hold $3 billion in Saudi Arabian funding in Pakistan’s State Bank.
The transaction was approved by the Cabinet via a dissemination summary on Saturday.
The Saudi government agreed to keep a $3 billion reserve at the State Bank.
The help will be held in the State Bank’s deposit account for a year, according to the agreement.
“The SBP has finalised all arrangements, and everything is now in place,” senior official sources told The News. “The amount of the agreed deposit will be received within the next few of days.”
Sources revealed that Pakistan will pay the Saudi government a 4% annual profit on this cash.
The Saudi government’s proposed agreement was sent to the Ministry of Law and the Attorney General’s Office.
On a draught, the Attorney General’s Office and the Ministry of Law came to an agreement.
Following the legal opinion, a copy of the agreement was sent to the federal cabinet for approval.
The Saudi Development Fund’s $3 billion was authorised for retention by the State Bank.
According to the central bank, Pakistan’s total liquid foreign reserves were $22.773 billion on November 19, 2021.
“The SBP has finalised all arrangements, and everything is now in place,” senior official sources told The News. “The amount of the agreed deposit will be received within the next few of days.”
Sources revealed that Pakistan will pay the Saudi government a 4% annual profit on this cash.
The Saudi government’s proposed agreement was sent to the Ministry of Law and the Attorney General’s Office.
On a draught, the Attorney General’s Office and the Ministry of Law came to an agreement.
Following the legal opinion, a copy of the agreement was sent to the federal cabinet for approval.
The Saudi Development Fund’s $3 billion was authorised for retention by the State Bank.
According to the central bank, Pakistan’s total liquid foreign reserves were $22.773 billion on November 19, 2021.
