Saudi Arabia on Friday extended the term of a $3 billion deposit it made to Pakistan's foreign reserves, state news agency SPA and Pakistan's central bank said.
Saudi Arabia deposited the money in Pakistan's central bank late last year as a loan to shore up the cash-strapped country's reserves.Too low to cover more than a month of imports, the reserves together with a widening current account deficit have threatened a balance of payment crises for the South Asian economy, which has to make another $1 billion bond payment next week.
By shoring up the reserves, it added, the money has contributed to meeting external sector challenges and achieve sustainable economic growth for the country.
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