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Qatar announces US$3 billion investment in Pakistan

Qatar announces US$3 billion investment in Pakistan
June 24, 2019
DUBAI (Reuters) - Qatar is making US$3 billion 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. Last month, Pakistan reached an accord in principle with the International Monetary Fund for a three-year, US$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. Prime Minister Imran Khan’s government is seeking to stabilize 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 (UAE) also announced a $3 billion loan package. Meanwhile, Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh has thanked Emir of Qatar Sheikh Tamim bin Hamad Al Thani for announcing US$ three billion in deposits and direct investments for Pakistan. https://twitter.com/a_hafeezshaikh/status/1143083431322103809 In a tweet, he said Qatar's affirmation will further develop relations between the two countries.