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June 25, 2019

Qatar announces $3bn deposit in Pakistan

Top Story

June 25, 2019

ISLAMABAD: Qatar will provide a total of $3 billion in deposits in addition to direct investments to Pakistan, currently beset with a current account deficit, and currently in negotiations for a bailout from the International Monetary Fund (IMF).

This was first announced by Adviser to the Prime Minister on Finance Abdul Hafeez Shaikh on Monday, who expressed gratitude to the Qatari Emir, Sheikh Tamim Bin Hamad Al Thani, for the move on Twitter.

He thanked the Emir for his affirmation to further develop relations between Qatar and Pakistan. “[I] Want to thank the Emir of Qatar HRH Sheikh Tamim Bin Hamad Al Thani for announcing US $3 Billion in deposits and direct investments for Pakistan and for Qatar’s affirmation to further develop relations between the two countries,” the

adviser tweeted.

Government spokeswoman Firdous Ashiq Awan later confirmed that Qatar would provide Pakistan $3 billion “in the form of direct investment and deposits”, in the same terms Sheikh used in his tweet.

In a discussion with journalists, she said it would create new business opportunities in Pakistan as well as strengthen the investment initiative of the government, she added.

Terming it the first step to further boost Pak-Qatar relations, she said the amount would help Pakistan overcome its economic challenges and also create new job opportunities for theyouth, which constitutes over 60 per cent of population.

She said Prime Minister Imran Khan had announced visa on arrival facility for Qatari citizens which would boost country’s tourism sector. The Qatari government, she said, had removed the ban on Pakistani rice which was good news not only for the rice exporters but also for

the country’s economy.

Moreover, Qatar had promised to further increase quota for Pakistani labour import in near future. She said visit of the Qatari Emir was the outcome of Khan’s successful policies as he wanted to promote trade with friendly countries.

The announcement of heavy Qatari investment in Pakistan was the manifestation of Qatari leadership’s confidence in the leadership of Imran Khan, who had waged a war against corruption in the country. She said new initiatives in Pak-Qatar relations would open new avenues in the bilateral relations.

Awan said the world community, owing to dedicated efforts of Prime Minister Khan, had realised the sacrifices of Pakistan in the war on terror. It was not Pakistan’s war but for making the world a peaceful place, she said. Pakistani nation had offered unprecedented sacrifices in addition to suffering heavy economic losses.

She said Pakistan Army, law enforcement agencies and the entire nation had offered great sacrifices in that war and Prime Minister Khan had highlighted the world about these sacrifices and the positive image of Pakistan at the international level.

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