Pakistan to receive $2 billion as bilateral aid from Qatar to bridge its funding shortfall, reported Bloomberg quoting Dr Murtaza Syed, Acting Governor of the State Bank of Pakistan (SBP) on Monday.
Pakistan will also get $1 billion in oil financing from Saudi Arabia and a similar amount in investment from the United Arab Emirates. All the funds are expected to come in 12 months, Dr Syed said at a briefing.
Prime Minister Shehbaz Sharif will visit Qatar on 23 August, his first visit to the country after assuming office.
According to the Foreign Office (FO), the Prime Minister is visiting Qatar at the invitation of His Highness Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar. He will be accompanied by a high-level delegation including key members of the cabinet.
Syed said assistance may or may not be announced during the visit.
The development comes after it was reported that Saudi Arabia plans to renew its $3 billion deposit in aid to Pakistan while intending to provide $100 million per month for 10 months in petroleum products that will be added will be given as assistance.
Meanwhile, an official source in Abu Dhabi stressed the UAE’s intention to invest $1 billion in Pakistani companies in various economic and investment sectors.
The additional support would mean that Pakistan’s funding gap, as the International Monetary Fund (IMF) calls it, is covered.
The meeting of the Executive Board of the International Monetary Fund (IMF) for the joint seventh and eighth review under the Extended Funds Facility (EFF) has been scheduled for August 29.
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