World

Qatar to invest USD 3 bn in cash-strapped Pakistan

ANI | June 25, 2019 11:48 AM
Qatar’s Emir Sheikh Tamim Bin Hamad Al Thani and Pakistan Prime Minister Imran Khan. (Photo source: Pakistan govt Twitter)

Islamabad [Pakistan], Jun 25 (ANI): Qatar has decided to invest USD 3 billion in cash-strapped Pakistan to help the latter in shoring up its crumbling economy.

This was announced on Monday after a two-day visit of Qatar's Emir Sheikh Tamim Bin Hamad Al Thani to Pakistan as the Imran Khan-led government continues to battle a ballooning balance-of-payment crisis.

"Upon the directives of HH the Amir Sheikh Tamim bin Hamad Al-Thani, HE Deputy Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman Al-Thani announced new investments in the form of deposits and direct investments in the Islamic Republic of Pakistan worth a total of USD 3 billion," the Qatar News Agency said.

With this new investment package, the size of the Qatari-Pakistani economic partnership will amount to USD 9 billion, it said.

Taking to Twitter, Abdul Hafeez Sheikh, the Pakistan Prime Minister's financial adviser, said, "Want to thank the Emir of Qatar HRH Sheikh Tamim Bin Hamad Al Thani for announcing US $3 Billion in #deposits and direct #investments for #Pakistan and for #Qatar's affirmation to further develop relations between the two countries."

Qatar is the fourth country to provide a bailout package to Pakistan, after China, the UAE, and Saudi Arabia.

China has given to Pakistan USD 4.6 billion in the shape of deposits and commercial loans while Saudi Arabia has announced a bailout package worth USD 3 billion in addition to USD 3.2 billion oil facility on deferred payments, according to The Express Tribune.

The UAE has provided a bailout package of USD 2 billion to Pakistan.

Last month, Islamabad had reached an agreement with the International Monetary Fund (IMF) for a bailout package of USD 6 billion. The deal is expected to be approved by the IMF Executive Board on July 3.

Besides the assistance by the global finance body, Pakistan will receive additional funds worth nearly USD 2-3 billion from institutions such as the Asian Development Bank and World Bank. (ANI)

Have something to say? Post your comment
Must Read
Won’t tolerate indiscipline, says Capt Amarinder on reports of resentment against Sidhu’s re-appointment as STF chief
Won’t tolerate indiscipline, says Capt Amarinder on reports of resentment against Sidhu’s re-appointment as STF chief
Proclaimed offender arrested, booked for disobeying court order
Proclaimed offender arrested, booked for disobeying court order
Man arrested with stolen motor cycle
Man arrested with stolen motor cycle
Ten-year term for intoxicant powder smuggling
Ten-year term for intoxicant powder smuggling
DDPO fails to remove encroachment in five villages
DDPO fails to remove encroachment in five villages
Firing on farmer, no break through even after twelve weeks
 Sonbhadra firing case: Mayawati directs BSP Assembly members to provide all possible aid to victims
Sonbhadra firing case: Mayawati directs BSP Assembly members to provide all possible aid to victims
Dhoni has no plans to retire as of now, says friend and business partner Arun Pandey
Dhoni has no plans to retire as of now, says friend and business partner Arun Pandey
'We are not a suitcase-carrying govt': Nirmala Sitharaman
'We are not a suitcase-carrying govt': Nirmala Sitharaman
Russo Brothers to adapt 'Grimjack' and 'Battle of the Planets'
Russo Brothers to adapt 'Grimjack' and 'Battle of the Planets'
Algeria defeat Senegal, win Africa Cup of Nations
Algeria defeat Senegal, win Africa Cup of Nations
TMC delegation on its way to Sonbhadra stopped at Varanasi airport, prevented from meeting victims' kin
TMC delegation on its way to Sonbhadra stopped at Varanasi airport, prevented from meeting victims' kin