Friday, April 10, 2020

Pakistan will receive first tranche of $ 3 billion from Qatar next week

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Qatar said on Saturday that the first installment from $ 3 billion as agreed by Emir of Qatar Sheikh Tamim Bin Hamad Al Thani to invest in Pakistan in various projects will be deposited in the next week.

Well informed sources in Islamabad, Capital city of Pakistan also confirmed the first tranche from Qatar, but the source was not confirmed of the amount, which is likely to be $ 1 billion.

Earlier this year, Pakistan has received the loans from Saudi Arabia, United Arab Emirates and China to support country’s dwindling foreign exchange reserves.

Read also: Pakistan Budget FY 2019-20: Salient features of Sales Tax and Federal Excise measures

Pakistan’s total liquid foreign reserves stood at $ 14.351 billion on June 21, 2019, whereas central bank reserves stood at $ 7.272 billion.

Pakistan under the leadership of Prime Minister Imran Khan is struggling to boost the economy.

During recent months country’s premier has taken bitter decisions to uplift the depleting reserves condition.

Pakistan, which is due to receive International Monetary Fund bailout, will also get $3 billion direct investments from Gulf country.

It is pertinent to mention here that more than one hundred and twenty-five thousand Pakistanis living in Qatar are playing an important role in development of Qatar.

The trade volume between the Pakistan and Qatar has crossed 2.5-billion-dollar mark (as of 2018 data).

During the recent visit to Pakistan, foreign minister of Qatar Sheikh Mohamed bin Abdul Rahman al-Thani expressed interest on behalf of his country to invest in various sectors in Pakistan.

Thani said his country is interested in importing more than one hundred thousand people from Pakistan for the 2022 FIFA World Cup in Qatar.

Formal approval by the IMF of the bailout package for Pakistan may provide clarity  over the main features of the program which may appease major concerns of investors.

Read also: Pakistan Economic Survey FY19, Key Highlights

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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