Qatar announces $3bn investment in Pakistan

Qatar announces $3bn investment in Pakistan

Islamabad (Agencies): Qatar is making $3 billion Qatari Riyals worth of new investments in Pakistan, in the form of deposits and direct investments, 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”, said Hafeez Shaikh in a tweet on Monday.

"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 Qatari state news agency QNA quoted the Qatari foreign minister as saying.

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.

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.