The details of the first tranche of $500 million from Qatar
- After Saudi Arabia, China and the United Arab Emirates, now Qatar has announced investment worth $3
- Qatari Emir’s visit to Pakistan underscored deep relations between Qatar and Pakistan
- Agreements of Joint Working Group on trade and investment and cooperation in the field of exchange of financial intelligence.
Pakistan received the first tranche of $500 million from Qatar under the $3 billion package consisting of a foreign currency deposit and direct investment.
“Pakistan received $500 million from Qatar,” the State Bank of Pakistan (SBP) confirmed.
The package was announced a day after Qatar’s Emir Sheikh Tamim bin Hamad Al Thani’s two-day visit to Islamabad last week.
During his visit, it was announced that Qatar would invest $3 billion in the form of deposits and direct investments.
“The visit underscored deep relations between Qatar and Pakistan,” said Deputy Prime Minister and Minister for Foreign Affairs Sheikh Mohammed bin Abdul-Rahman Al Thani.
“By announcing this new investment package worth $3billion, the size of the Qatari-Pakistani economic partnership will amount to $9 billion,” the Qatari foreign minister said.
During the current fiscal year, friendly countries; Saudi Arabia, China, and the United Arab Emirates extended about $9.7billion in loans and cash deposits and Qatar is the fourth country that offered a support package to Pakistan.
The first tranche of $500 million from Qatar is expected to improve and help the rupee partially recover ground against the greenback next week.
During the two-day visit of Emir of Qatar, both countries also signed three memoranda of understanding (MoU)
These MoUs were signed:
- To establish Pakistan and Qatar Joint Working Group on trade and investment
- To cooperate in the field of tourism and business events
- To establish cooperation in the field of exchange of financial intelligence related to money laundering
The PTI government is stabilizing an unstable economy with loans from Gulf countries and international donors. Qatar follows Saudi Arabia and the United Arab Emirates providing assistance packages for Pakistan. With these investments, Pakistan will come out from difficult situations. Emir Qatar visit to Pakistan has enhanced the existing brotherly relations between Qatar and Pakistan.