Qatar announces to invest $3 billion in Pakistan
Qatar is making $3 billion worth of new investments in Pakistan, in the form of deposits and direct investments, the Qatari state news agency said.
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 announcement came after a visit by Qatar’s emir to Pakistan. During the visit, Pakistan and Qatar signed several memorandan of understanding for trade and investment, tourism and business and for cooperation in financial intelligence.
“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.
Deputy Prime Minister and Minister of Foreign Affairs: "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."
— Qatar News Agency (@QNAEnglish) June 24, 2019
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.
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.
— Dr. Abdul Hafeez Shaikh (@a_hafeezshaikh) June 24, 2019
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.
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.