Qatar to provide $3 billion to Pakistan in deposits, investments

ISLAMABAD: Qatar is making three billion Qatari Riyal in new investments in Pakistan, in the form of deposits and direct investments, the Qatari state news agency QNA said on Monday.

In a statement to Qatar News Agency (QNA), the Deputy Prime Minister and Minister of Foreign Affairs said that the Qatari support comes after Emir of Qatar Sheikh Tamim bin Hamad Al-Thani’s visit to Pakistan to underscore the deep relations between the two brotherly countries and people.

“It also expresses the confidence of the State of Qatar in the strength of the Islamic Republic of Pakistan’s economy and the vision and good management of the current government headed by Pakistan’s Prime Minister Imran Khan,” the QNA quotes him as saying.

He added that after the announcement of this new investment package, the size of the Qatari-Pakistani economic partnership will amount to $9 billion.

Upon the directives of HH the Amir, the Deputy Prime Minister and Minister of Foreign Affairs announces of new investments in the form of deposits and direct investments worth a total of QR3 billion in the Islamic Republic of Pakistan. pic.twitter.com/zmH07cFRew

— Qatar News Agency (@QNAEnglish) June 24, 2019

Saudi Arabia had earlier provided Pakistan a $3 billion loan and a similar amount every year in oil supply on deferred payments. Another Gulf state, the United Arab Emirates had also announced a $3 billion loan package for the country.

Pakistan recently reached an agreement in principle with the International Monetary Fund for $6 billion bailout package for three years, aimed at shoring up its public finances and strengthening a slowing economy.

The announcement of Qatari investment came after Pakistan visit of Qatar’s emir Sheikh Tamim bin Hammad al-Thani. During the visit, Pakistan and Qatar signed several memoranda of understanding for trade and investment, tourism and cooperation in other fields.

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