The Qatari Foreign Ministry has finally started disseminating money to Pakistan under its promise towards making the latter currency rich. According to confirmed reports, with this new $3 billion investment package, the size of the Qatari-Pakistani economic partnership will amount to $9 billion.
This is a part of the first tranche of $500 million from Qatar under the $3 billion package consisting of a foreign currency deposit and direct investment to help boost the country’s dwindling foreign-exchange reserves.
As of now, it is not clear as to what use is the $3 billion aid is going to be used for. However, the recent visit by the Qatari Emir to Islamabad has shown indications of Qatar’s intent to support Pakistan’s infrastructural development.
Qatar had signed three memoranda of understanding (MoUs) with Pakistan during that two-day visit last week. Qatar has now emerged as the fourth country to have extended a financial assistance package at times when Islamabad is facing an acute shortage of dollars.
Pakistan and Qatar’s MoUs comprise those 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 stabilize 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.