The Qatar Investment Authority (QIA) plans to make investments of $3 billion in Pakistan, Qatar’s Emiri Diwan stated on Wednesday, lending assistance to the cash-strapped economy.
Pakistan is in financial turmoil
Pakistan is in financial turmoil and faces a stability of repayments crisis, with overseas reserves having dropped as low as $7.8bn, barely sufficient for greater than a month of imports. The United States of America is additionally contending with a widening contemporary account deficit, depreciation of the rupee towards the US greenback and inflation that hit greater than 24 per cent in July.
“The Qatar Investment Authority introduced its aspiration to make investments of $3bn in a number of industrial and funding sectors in the Islamic Republic of Pakistan,” the Emiri Diwan said, except giving details.
The announcement was once made at some stage in a go to Doha with the aid of Prime Minister Shehbaz Sharif, who held authentic talks with Qatari Emir Sheikh Tamim bin Hamad al-Thani on Wednesday after an assembly with the QIA on Tuesday.
“His Highness burdened the significance of the brotherly and strategic relations between the two international locations and their aspiration to beautify financial partnership by means of elevating exchange trade and promotion investments through the Qatar Investment Authority,” the Emiri Diwan said.
The high minister’s go to Qatar precedes an International Monetary Fund assembly subsequent week that is anticipated to approve greater than $1bn in financing that has been stalled given that the establishing of the year.
PM Shehbaz on Tuesday invited QIA, Qatar’s $450bn sovereign wealth fund, to make investments in Pakistan’s power and aviation sectors.
He had beforehand stated he would spotlight sectors consisting of renewable energy, meals security, industrial and infrastructure development, tourism and hospitality.
Sources shut to the premier have stated he used to be predicted to provide Qatar shares in state-owned businesses along with the loss-making Pakistan International Airlines and the Roosevelt Hotel in New York