Saudi Arabia has rolled over $3 billion in deposits held in Pakistan, for which a formal agreement has been reached and signed between the State Bank and the Saudi Fund for Development.

According to the Federal Ministry of Finance, Federal Finance Minister Muhammad Aurangzeb attended a signing ceremony of a major financial agreement in Washington DC, which was also attended by Pakistan’s Ambassador to the United States. The event was held on the occasion of the Spring Meetings 2026 of the World Bank and the International Monetary Fund (IMF).

The announcement said that the agreement was signed between the Saudi Fund for Development (SFD) and the State Bank of Pakistan (SBP), under which the period of the Saudi deposit of $3 billion held in the State Bank has been extended.

The deposit rollover agreement was signed by Sultan bin Abdul Rahman Al-Murshid, Chief Executive Officer, on behalf of the Saudi Fund for Development, and Jamil Ahmed, Governor, on behalf of the State Bank of Pakistan.

Speaking on the occasion, Federal Finance Minister Muhammad Aurangzeb said that the agreement is a reflection of strong Pak-Saudi economic relations and will further strengthen Pakistan’s external financial stability.

It should be noted that yesterday, Pakistan received two billion dollars in deposits from Saudi Arabia. The State Bank of Pakistan has confirmed that Pakistan has received two billion dollars from Saudi Arabia. The receipt of dollars has averted the risk of a sudden large decrease in the country’s foreign exchange reserves.

Pakistan has to pay 3.5 billion dollars to the United Arab Emirates this month itself. The UAE had refused to roll over its dollar deposits. Pakistan had also paid 1.2 billion dollars towards Eurobond maturity this month itself.