<h1>Gulf kingdom remains primary source of low-cost bilateral deposits rolled over, sustaining reserves amid costly refinancing needs</h1> A Gulf kingdom remains the primary source of low-cost foreign deposits for the borrower, providing facilities at about 4% annually that have been repeatedly rolled over rather than repaid; a USD 2 billion facility matures in December and a USD 3 billion facility next June. The borrower's central bank reserves rely heavily on these bilateral deposits, which the multilateral lender requires to remain in place under its programme. Other bilateral and commercial facilities from East Asian and Gulf creditors and international banks carry markedly higher rates (roughly 4.5-12.5%), increasing refinancing costs and reliance on credit guarantees to access markets.