ISLAMABAD: Saudi Arabia has decided to extend period of its $ 3 billion safe deposit in assistance to Pakistan.

According to sources in finance ministry, 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. “Safe deposit amount will be liable to be paid back immediately in case of Pakistan’s default,” sources shared. Amount will not be liable to be utilised, sources said. 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 agreement to renew deposit period will be decided soon. 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. Sources within finance ministry, recently stated that there were positive indications of an economic package worth $ 8 billion from friendly countries.

Published in The Daily National Courier, August, 16 2022

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