Qatar to invest $3 billion in Pakistan

Qatar on Monday announced to invest $3 billion in cash-strapped Pakistan, state-run Qatar News Agency reported.

The announcement came a day after Qatar’s Emir Sheikh Tamim Bin Hamad Al Thani's two-day visit to Pakistan.

"Upon the directives of HH the Emir, the Deputy Prime Minister and Minister of Foreign Affairs announces of new investments in the form of deposits and direct investments worth a total of QR3 billion in the Islamic Republic of Pakistan," the news agency said.

"The Qatari-Pakistani economic partnership will amount to $9 billion. Qatar affirms its aspiration for further development in relations between the two countries at all political, economic, sports and cultural levels," Mohamed bin Abdulrahman Al Thani, Qatar's deputy prime minister and minister of foreign affairs, was quoted as saying.

The Pakistani side welcomed this financial aid to shore up its tottering economy.

"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," Abdul Hafeez Sheikh, financial adviser of Pakistan's prime minister, tweeted.

Last month, Pakistan and the International Monetary Fund reached an agreement for a $6-billion bailout package to underpin its slowing economy. The package comes with conditions which include a reduction in public spending.

In recent months, Saudi Arabia and the United Arab Emirates have also announced bailout packages of $6 billion each for Pakistan.