Pakistan receives a $ 3 billion bailout package from Qatar

Islamabad / Doha: Pakistan lashed in cash on Monday received a USD 3 billion bailout package from oil-rich Qatar, a day after Emir Sheikh Tamim bin Hamad ended his visit to Islamabad and agreed to cooperate in the areas of trade, anti-money laundering and terrorism financing.

The Gulf State is the fourth nation that has come forward to free Pakistan from defaults during the past eleven months, as Prime Minister Imran Khan's government is trying to overcome a balancing balance of payments crisis.

Previously, China issued USD 4.6 billion in the form of deposits and commercial loans, and Saudi Arabia provided USD 3 billion in cash deposit and USD 3.2 billion oil facility on deferred payments. The United Arab Emirates have also made a down payment of USD 2 billion in cash.

Qatar's financial assistance was announced by Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani.

"On the guidelines of HH, the Amir, the Deputy Prime Minister and Minister of Foreign Affairs announces new investments in the form of deposits and direct investments worth a total of QR3 billion in the Islamic Republic of Pakistan," the official testified. Qatar News Agency, the minister quoted as saying.

"The Qatari-Pakistani economic partnership will amount to $ 9 billion Qatar confirms its commitment to further development in relations between the two countries at all political, economic, sporting and cultural levels," he said.

Advisor to Pakistan's Prime Minister Finance. Abdul Hafeez Shaikh confirmed Qatari's financial assistance through his Twitter handle.

"I want to thank the Emir of Qatar HRH Sheikh Tamim Bin Hamad Al Thani for announcing $ 3 billion in down payments and direct investment for Pakistan and for confirming Qatar to further develop relations between the two countries," tweeted Shaikh.

On Sunday, Pakistan presented the visiting Qatari Emir with the & # 39; Nishan-e-Pakistan & # 39 ;, the highest civilian honor in the country.

In addition to intensifying trade and economic cooperation, Pakistan and Qatar have signed a Memorandum of Understanding on cooperation in the exchange of financial intelligence with regard to money laundering and the reduction of terrorist financing.

The Ministry of Finance of Pakistan did not immediately break the Qatar aid of USD 3 billion. It was not clear how much of the amount was in the form of a down payment that would land in the State Bank of Pakistan to temporarily provide a buffer for dwindling reserves, the Express Tribune reported.

Pakistan reached a provisional agreement with the International Monetary Fund last month for a $ 6 billion rescue plan to support its finances and strengthen a slower economy.