Pakistan to Get $2 Billion Funds From Qatar

Pakistan is expected to receive $2 billion from Qatar which would be availed over a period of 12 months, reported Bloomberg.

This was revealed by the acting governor of the State Bank of Pakistan Dr. Murtaza Syed in an analyst briefing. He stated that the funding from the gulf country would aid in easing the tight fiscal situation being faced by the country.

Dr. Syed stated that the announcement regarding funding may or may not be announced during Prime Minister Shehbaz Sharif’s upcoming two-day visit to Qatar on 23-24 August.

Dr. Syed also said that Saudi Arabia would also provide Pakistan with an oil financing facility of $1 billion, while UAE will also invest approximately a similar amount in the country. The said funds are also expected over a period of the next 12 months, he added.

It is pertinent to mention here that the International Monetary Fund (IMF) had asked Pakistan to secure funding from other countries if it wants to avail of its bailout.

The IMF Executive Board Meeting is scheduled to take place on 29 August to approve the loan tranche.

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