KARACHI/ISLAMABAD - The Saudi Fund for Development (SFD) on the directives of King Salman bin Abdulaziz Al Saud extended the term of $3 billion deposit with the State Bank of Pakistan (SBP). “The extension of the term of the deposit is a continuation of the support provided by the government of the Kingdom of Saudi Arabia (KSA) to the Islamic Republic of Pakistan, as the deposit aimed to shore up the foreign currency reserves in the Bank and help Pakistan in facing the economic repercussions of the COVID-19 pandemic,” an SBP statement said on Friday. “It, furthermore, contributed to meet external sector challenges and achieve sustainable economic growth for the country.” The $3 billion-deposit agreement was signed by the Saudi Fund for Development (SFD) with the State Bank of Pakistan in November 2021, after the issuance of the royal directives that reflect the continuation of the close relationship between the two countries. Prime Minister Shehbaz Sharif on Friday thanked the leadership and the government of Saudi Arabia for extending the term of the deposit of $3 billion with the State Bank of Pakistan. Welcoming the gesture, the prime minister particularly thanked Saudi Prime Minister and Crown Prince Mohammed bin Salman Al Saud and said Pakistan greatly valued his love for Pakistan. “Once again, Saudi Arabia has played the role of an elder brother , and manifested its unprecedented love for Pakistan,” he remarked in a statement. The prime minister said the extension in the term of $3 billion deposit would help improve Pakistan’s economic situation. He said the country’s economic independence was the government’s top agenda, which required political stability and the Charter of Economy.