Tuesday, May 18, 2021

Pakistan Accumulates $15.6 Billion Financial Aid; Qatar Pitches in with $3Billion

Pakistan breathed a sigh of relief on Monday when Qatar agreed to grant a $3 billion bailout package to Islamabad. With aid from Qatar, Pakistan has managed to secure a total of $16 billion aid from friendly nations. This news was confirmed by Advisor to PM Imran Khan – Abdul Hafeez Shaikh.

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“I want to thank the Emir of Qatar HRH Sheikh Tamim Bin Hamad Al Thani for announcing $3 billion in deposits and direct investments for Pakistan and for Qatar’s affirmation to further develop relations between the two countries”, tweeted Dr Abdul Hafeez Shaikh on Monday.

Oil-rich Qatar has become the fourth ally of Pakistan that that has come forward to safeguard Pakistan from default during past 11 months. Earlier, China has given $4.6 billion in the shape of deposits and commercial loans and Saudi Arabia provided $3 billion cash deposit and $3.2 billion oil facility on deferred payments. The UAE also provided $2 billion cash deposit to Pakistan.

Pakistan has also reached a staff-level agreement with the International Monetary Fund for a $6 billion bailout package, which is expected to be approved by the IMF Executive Board on July 3. However, the IMF has placed a condition to get rollover the short-term loans obtained from Saudi Arabia, China and the UAE.

In addition to securing $15.6 billion from four friendly countries, Islamabad has also obtained nearly $6 billion worth of loans, from multilateral agencies, commercial banks and other bilateral sources.

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