Qatar announces $3 billion investment in Pakistan

ISLAMABAD: The cash-starved Pakistan on Monday secured another bailout package of $3 billion from Qatar, bringing total loans by four friendly countries to nearly $16 billion in almost one year.

Advisor to Prime Minister on Finance Dr Abdul Hafeez Shaikh made the announcement through his Twitter handle.

“I want to thank the Emir of Qatar HRH Sheikh Tamim Bin Hamad Al Thani for announcing $3 billion in deposits and direct investments for Pakistan and for Qatar’s affirmation to further develop relations between the two countries”, tweeted Dr Abdul Hafeez Shaikh on Monday.
The finance ministry did not immediately provide the break-up of the $3 billion Qatar aid. It was not clear how much of the amount was in shape of deposit that will land in the State Bank of Pakistan to provide temporary cushion to the dwindling reserves.

Qatar’s Emir ended his two-day visit to Pakistan a day earlier.

The tiny Gulf state is the fourth nation that has come forward to rescue Pakistan from default during past 11 months. Earlier, China has given $4.6 billion in shape of deposits and commercial loans and Saudi Arabia provided $3 billion cash deposit and $3.2 billion oil facility on deferred payments.

The United Arab Emirates -that is in a dispute with Qatar, also provided $2 billion cash deposit, which were lower that what it had initially promised to give to Pakistan.