FPCCI commends Saudi Arabia’s $3 billion fresh deposit, extension of $5 billion existing facility

President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Atif Ikram Sheikh, Wednesday, warmly welcomed the Kingdom of Saudi Arabia’s timely and generous decision to pledge a fresh deposit of $3 billion to the State Bank of Pakistan alongside three year extension of the existing $5 billion facility to 2028

KARACHI, (UrduPoint / Pakistan Point News - 15th Apr, 2026) President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Atif Ikram Sheikh, Wednesday, warmly welcomed the Kingdom of Saudi Arabia’s timely and generous decision to pledge a fresh deposit of $3 billion to the State Bank of Pakistan alongside three year extension of the existing $5 billion facility to 2028.

Atif Ikram Sheikh, in a statement issued here, said that the announcement made by the Finance Minister on the sidelines of the World Bank-IMF Spring Meetings in Washington is a massive breakthrough for Pakistan's macroeconomic stability.

Removing the condition of an annual rollover for the $5 billion facility and adding a fresh $3 billion injection provides an unprecedented layer of predictability to Pakistan's economic planning, he noted and highlighted several economic impacts this strategic financial support will have on Pakistan's economy including, bolstering foreign exchange reserves, stabilizing exchange rate, and restoring business and investor confidence.

“This renewed confidence will likely stimulate both domestic industrial expansion and foreign direct investment (FDI); which will facilitate industrial growth due to a stabilized external account,” he said and added that the SBP will be in a better position to facilitate the timely clearance of Letters of Credit (LCs) that ensures a steady supply of essential industrial raw materials; machinery and petroleum products required to keep the wheels of industry running and to drive export-led growth.

FPCCI Chief maintained that by securing external financing and extending the maturity of the $5 billion facility to 2028, the government has mitigated the immediate balance of payments risks and liquidity crunch.

Saudi Arabia has once again proven to be an all-weather friend and a pillar of support for Pakistan during testing times, he stated, adding that the FPCCI extended its profound gratitude to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman for their unwavering support.

The Federation also commended Pakistan's political and economic leadership- including the Prime Minister, the Finance Minister and the SBP Governor- for their successful diplomatic and financial negotiations.

The apex trade body also reiterated its commitment to working closely with the government to translate this macroeconomic stabilization into on-the-ground industrial growth; job creation and enhanced bilateral trade between Pakistan and the Kingdom of Saudi Arabia.