Prime Minister Shehbaz Sharif on Friday thanked the leadership and the government of Saudi Arabia for extending the term of the deposit of $3 billion with the State Bank of Pakistan. Welcoming the gesture, the prime minister particularly thanked Saudi Prime Minister and Crown Prince Mohammed bin Salman Al Saud and said Pakistan greatly valued his love for Pakistan. “Once again, Saudi Arabia has played the role of an elder brother, and manifested its unprecedented love for Pakistan,” he remarked in a statement. The prime minister said the extension in the term of $3 billion deposit would help improve Pakistan’s economic situation. He said the country’s economic independence was the government’s top agenda, which required political stability and the Charter of Economy. In a tweet, the Saudi Fund for Development said the extension in term was made in pursuance of the directives of the Custodian of the Two Holy Mosques and Crown Prince in support of Pakistan’s economy. “The extension of the term of the deposit, the agreement of which was signed in Nov 2021, is a continuation of the support provided by Saudi Arabia to Pakistan, as it contributed to meet external sector challenges and achieve sustainable economic growth for the country,” the Fund said. Meanwhile, Prime Minister Shehbaz Sharif on Friday telephoned President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan and conveyed warm greetings on the UAE’s 51st national day. Reaffirming the fraternal relations between Pakistan and the UAE, the two leaders reiterated their mutual commitment to further expand and diversify special bilateral relations. The prime minister also paid rich tributes to Sheikh Zayed Bin Sultan Al-Nahyan, founding President of the UAE, for his role in laying the foundations of close and fraternal relations between the two countries. He said Sheikh Zayed Bin Sultan Al-Nahyan was a regular visitor to Pakistan and also financed various philanthropic projects in the country in the social sector. The Sheikh Zayed Hospital was the prime example of his services to Pakistan and his name would be remembered for his philanthropic causes, he added. Prime Minister Shehbaz also thanked the UAE president for the financial and material support to Pakistan after the recent devastation caused by floods. The UAE president reciprocated the greetings from the prime minister and extended the best wishes to the people of Pakistan. The prime minister extended an invitation to the UAE president for a visit to Pakistan, which he accepted. Pakistan and the UAE have been enjoying close fraternal ties for five decades that are rooted firmly in common belief and shared values and culture. The UAE is Pakistan’s largest trading partner in the Middle East and a major source of investments. Earlier, Prime Minister Shehbaz Sharif on Friday felicitated the leadership and the people of the United Arab Emirates (UAE) on their national day. “People of Pakistan join me in greeting our brothers and sisters of UAE on their national day today,” the prime minister said in a tweet. The day, he said, was a reminder of the dynamic vision of its founding fathers, who had laid the foundation of a great nation through unification. “Congratulations to my brother Mohamed Bin Zayed,” Shehbaz Sharif said in the tweet addressing the UAE president.