Qatar to provide $3bn in deposits, investments

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ISLAMABAD: Qatar is making three billion dollars’ new investments in Pakistan, in the form of deposits and direct investments, the Qatari state news agency QNA said on Monday.
The agency quoted a statement of Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman al-Thani in its report.
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.
According to QNA, Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani said following this investment, the economic partnership between Qatar and Pakistan will reach to $9 billion.
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.
Meanwhile, Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Abdul Hafeez Sheikh thanked on Monday Emir of Qatar Sheikh Tamim Bin Hamad Al Thani for pledging US $3 billion in Pakistan’s deposits and direct investment.
“[I] 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,” he tweeted.
Qatar is making $3 billion Qatari Riyals 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. – NNI