The Qatar Investment Authority intends to invest $3 billion in Pakistan to help the financially troubled economy of the South Asian nation, Qatar’s Emily Diwan said on Wednesday.
It is in turmoil, facing a balance of payments crisis with foreign exchange reserves slumped to $7.8 billion. And barely enough for more than a month of imports.
He is also suffering from a widening current account deficit, depreciation of the rupee against the US dollar and inflation which in July he reached more than 24%.
“The Qatar Investment Authority has announced its intention to invest US$3 billion of his in various trade and investment sectors in the Islamic Republic of Pakistan,” said Emilidiwan, without giving details.
The advertisement was made during a visit to Doha by Prime Minister Shehbaz Sharif, who held sanctioned addresses with Qatari Emir Sheikh Tamim bin Hamad al- Thani on Wednesday after a meeting with the QIA on Tuesday.
“ His Highness stressed the significance of the fraternal and strategic relations between the two countries and their aspiration to enhance profitable cooperation by raising trade exchange and promoting investments through the Qatar Investment Authority, ” Emiri Diwan said.
The high minister s visit to Qatar precedes an International Monetary Fund( IMF) meeting coming week. That’s anticipated to authorize further than$ 1 billion in backing that has been stalled since the morning of the time.
On Tuesday, Prime Minister Shehbaz asked QIA, Qatar’s $450 billion sovereign wealth fund, to invest in Pakistan’s energy and aviation sectors.
He previously said he would emphasize sectors such as renewable energy, food security, industrial and infrastructure development, tourism and hospitality.
Sources close to the prime minister say he plans to offer stakes in state-owned companies to Qatar, including loss-making Pakistan International Airlines and New York’s Roosevelt Hotels.
PM Shehbaz also thanked the father of the Emir of Qatar for his contribution to the progress of Qatar and the Pakistani nation. In which he hosted more than 200,000 Pakistani diasporas in the Gulf States. He vouched for the royal dignity to continue working with the country in line with Qatar’s Vision 2030.
The Prime Minister extends his heartfelt congratulations and congratulations to Qatar, the host of the FIFA 2022 World Cup.