Pakistan, July 30 -- Saudi Arabia has agreed to roll over $5 billion in deposits with Pakistan for another three years, providing significant support to the country's external financing position and helping ease pressure on foreign debt repayments.

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Finance Minister Muhammad Aurangzeb confirmed the development, while State Bank of Pakistan (SBP) Governor Jameel Ahmad said the rollover would strengthen Pakistan's external account during the current fiscal year.

Speaking after a meeting of the Senate Standing Committee on Finance, the SBP governor said Pakistan's external debt servicing requirement has declined from $26.5 billion in the previous fiscal year to $21.5 billion in FY...