Pakistan to receive $2bn from Qatar: report
- Acting governor of the State Bank of Pakistan Dr Murtaza Syed says Pakistan will also get $1 billion in oil financing from Saudi Arabia and a similar amount in investments from the UAE
Pakistan will receive $2 billion from Qatar in bilateral support to help ease its financing crunch, reported Bloomberg, citing acting governor of the State Bank of Pakistan (SBP) Dr Murtaza Syed, on Monday.
Pakistan will also get $1 billion in oil financing from Saudi Arabia and a similar amount in investments from the UAE. All the funds are expected over 12 months, Dr Syed said in a briefing, added the report.
Prime Minister Shehbaz Sharif will visit Qatar on August 23, his first visit to the country since assuming office.
As per the Foreign Office (FO), the PM is visiting Qatar on the invitation of Amir of the State of Qatar His Highness Sheikh Tamim bin Hamad Al Thani. He will be accompanied by a high-level delegation, including key members of the cabinet.
An announcement of the assistance may or may not be announced during the trip, Dr Syed added.
The development comes after it was reported that Saudi Arabia plans to renew its $3-billion deposit in assistance to Pakistan, while also intending to provide $100 million per month for 10 months in petroleum products that would be granted as additional support.
Meanwhile, an official source in Abu Dhabi emphasised the UAE's intention to invest $1 billion in Pakistani companies in various economic and investment sectors.
The additional support would mean Pakistan’s funding gap, as the International Monetary Fund (IMF) calls it, has been covered.
The International Monetary Fund (IMF) Executive Board meeting for the combined seventh and eight reviews under the Extended Fund Facility (EFF) has been set for August 29.
Comments
Comments are closed.