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.
“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.
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.
— Dr. Abdul Hafeez Shaikh (@a_hafeezshaikh) June 24, 2019
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.