The Qatar Investment Authority (QIA) intends to invest $3 billion in Pakistan, according to Qatar’s Emiri Diwan on Wednesday, bolstering the country’s cash-strapped economy.
Pakistan is in economic turmoil and is facing a balance-of-payments crisis, with foreign reserves as low as $7.8 billion, barely enough for more than a month’s worth of imports. The country is also dealing with a growing current account deficit, a depreciation of the rupee against the US dollar, and inflation that exceeded 24% in July.
“The Qatar Investment Authority announced its intention to invest $3 billion in various commercial and investment sectors in the Islamic Republic of Pakistan,” said the Emiri Diwan, without providing further details.
The announcement came during Prime Minister Shehbaz Sharif’s visit to Doha, where he met with Qatari Emir Sheikh Tamim bin Hamad al-Thani on Wednesday after meeting with the QIA on Tuesday.
“His Highness stressed the importance of the brotherly and strategic relations between the two countries and their aspiration to enhance economic partnership by raising trade exchange and promoting investments through the Qatar Investment Authority,” the Emiri Diwan said.