The Saudi finance ministry has announced yesterday that the Kingdom had deposited $3 billion to both Egypt and Pakistan central banks in a move to support foreign exchange reserves of nations in need during the pandemic.
In addition to the $3 billion, the Kingdom extended Egypt's term of another $2.3 billion in previous deposits.
According to the Central Bank of Egypt, Saudi also has long-term deposits in the lender, totaling $5.5 billion as of the end of March, AA reported.
It's worth mentioning that Saudi Arabia has posted a surplus of SR6.68 billion in the Kingdom's Q3 budget for the first time since 2019.
Also, the Saudi Fund for Development (SFD) recently announced a deposit of $3 billion with State Bank of Pakistan (SBP) to help the Pakistani government support its foreign currency reserves and in combating the repercussions of the coronavirus pandemic.
