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Qatar announces $3b investment in Pakistan

Qatar announces $3b investment in Pakistan

DUBAI: Qatar is making $3 billion Qatari Riyals worth of new investments in Pakistan, in the form of deposits and direct investments, the Qatari state news agency QNA said on Monday.

Following this investment, the economic partnership between Qatar and Pakistan will reach $9 billion, the agency reported, quoting Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman al-Thani.

“The Qatari-Pakistani economic partnership will amount to $9 billion. Qatar affirms its aspiration for further development in the relations between the two countries at all political, economic, sports and cultural levels,” the news agency qouted the Qatari foreign minister as saying.

The PM’s adviser on finance Dr Adbul Hafeez Sheikh confirmed the news in a post on social media, thanking the Qatari Emir for the investment.

Last month, Pakistan reached an accord in principle with the International Monetary Fund for a three-year, $6 billion bailout package aimed at shoring up its fragile public finances and strengthening a slowing economy.

The Qatari announcement came after a visit by Qatar’s emir to Pakistan. During the visit, Pakistan and Qatar signed several memoranda of understanding for trade and investment, tourism and business and for cooperation in financial intelligence, according to the Pakistani government’s Twitter account.

Pakistani Prime Minister Imran Khan’s government is seeking to stabilise its economy with loans from Gulf countries and international donors.

Saudi Arabia earlier provided Pakistan with a $3 billion loan and a similar amount every year in oil supply on deferred payments. The United Arab Emirates also announced a $3 billion loan package.