Pakistan receives USD 500 Million from Qatar

Vastavam web: In what comes as a relief to cash-strapped Pakistan, Qatar has deposited the first tranche of USD 500 million in the State Bank of Pakistan. “USD 500 million received from Qatar,” the State Bank of Pakistan (SBP) confirmed to The Express Tribune on Saturday. Doha had on June 24 announced that it has decided to invest USD 3 billion in Pakistan which is grappling to overcome a severe financial crisis.

This was announced on Monday after a two-day visit of Qatar’s Emir Sheikh Tamim Bin Hamad Al Thani to Pakistan as the Imran Khan-led government continues to battle a ballooning balance-of-payment crisis. With this new investment package, the size of the Qatari-Pakistani economic partnership will amount to USD 9 billion, it said.

Qatar is the fourth country to provide a bailout package to Pakistan, after China, the UAE and Saudi Arabia. China has given to Pakistan USD 4.6 billion in the shape of deposits and commercial loans while Saudi Arabia has announced a bailout package worth USD 3 billion in addition to USD 3.2 billion oil facility on deferred payments. The UAE has provided a bailout package of USD 2 billion to Pakistan.