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CAIRO: The Saudi Fund for Development said it was depositing $3 billion in State Bank of Pakistan (SBP) to help support its foreign reserves, the kingdom’s state news agency reported on Tuesday.
The fund added that an official directive was issued to supply $1.2 billion to finance Pakistan’s oil products trade during the year.
The news was confirmed by Information Minister Fawad Chaudhry and Energy Minister Hammad Azhar.
“This will help ease pressures on our trade and forex accounts as a result of global commodities price surge,” Azhar said as he shared the news.