June 24, 2019 / 8:09 AM / 4 months ago

Qatar will invest $3 billion in Pakistan, state news agency says

A boy uses a bamboo stick to adjust national flags at an overhead bridge in Islamabad, Pakistan August 10, 2018. REUTERS/Faisal Mahmood/File Photo

DUBAI (Reuters) - Qatar is making $3 billion 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.

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, according to the Pakistani government’s Twitter account.

Pakistani Prime Minister Imran Khan’s government is seeking to stabilise its economy with loans from Gulf countries and international donors.

Saudi Arabia earlier provided Pakistan with a $3 billion loan and a similar amount every year in oil supply on deferred payments. The United Arab Emirates also announced a $3 billion loan package.

Reporting by Maha El Dahan, writing by Nafisa Eltahir; editing by Saeed Azhar, Larry King

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below