Pakistan is likely to receive $2 billion in bilateral support from Qatar to help cushion its financial crunch and the subsequent risk of default.
The country is also expected to receive $1 billion from Saudi Arabia in oil financing and in investments from UAE worth similar amount.
During a briefing, Murtaza Syed — State Bank of Pakistan’s acting governor — said that the funds are expected to be received in the span of over 12 months.
Prime Minister Shehbaz Sharif is also visiting Qatar from August 23 to 24. However, Syed shared that an announcement regarding the assistance may or may not be announced during the visit.
The pledges arrive before an IMF board meeting on Aug. 29, which could lead to the release of $1.2 billion in financing.
Earlier today, Finance Minister Miftah Ismail met his Qatari counterpart Ali bin Ahmed Al-Kuwari to discuss bilateral relations and explore areas of joint cooperation.
Earlier, Arab countries committed to lend support to Pakistan only after it could manage to secure an IMF program, while the latter has sought commitment from Saudi Arabia.
According to data tracked by Bloomberg, the Pakistani rupee has performed well this month on the global front by gaining 11% ever since dropping to a record low last month. After developments noted on the rupee-dollar parity front, worries related to a possible default have faded.
Agreement also aligns with Pakistan’s target of eliminating interest-based banking by 2028
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