Qatar Investment Authority aims to invest $3 bln in Pakistan | Reuters
The Qatar Investment Authority aims to invest $3 billion in Pakistan, Qatar's Emiri Diwan said on Wednesday, lending support to the South Asian nation's cash-strapped economy.
Pakistan is in economic turmoil and faces a balance of payments crisis, with foreign reserves having dropped as low as $7.8 billion, barely enough for more than a month of imports. It is also contending with a widening current account deficit, depreciation of the rupee against the U.S. dollar and inflation that hit more than 24% in July.
"The Qatar Investment Authority announced its aspiration to invest $3 billion in various commercial and investment sectors in the Islamic Republic of Pakistan," the Emiri Diwan said, without giving details.
The announcement was made during a visit to Doha by Pakistan Prime Minister Shehbaz Sharif, who held official talks with Qatari Emir Sheikh Tamim bin Hamad al-Thani on Wednesday after a meeting with the QIA on Tuesday.
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