The Qatar Investment Authority announced that it will invest $3 billion in Pakistan.
The deal offers much-needed relief for a country whose foreign reserves have dropped to $7.8 billion, enough for just one month of imports, and whose inflation rate has risen to 24%. In fact, Pakistan is in continued talks with the International Monetary Fund on a $6 billion bailout fund.
According to a senior Pakistani official quoted by Al Jazeera, the meeting showed Qatar’s “intention of investing in Pakistan.” The official said, “They are interested in airports, seaport terminals, LNG-fired power plants, solar energy, [and] shares in the stock markets.” He highlighted that the amount is “more than what [Pakistan] needs” to boost its foreign reserves.
سمو الأمير المفدى ودولة السيد شهباز شريف رئيس الوزراء بجمهورية باكستان الإسلامية، يعقدان جلسة مباحثات رسمية بالديوان الأميري. https://t.co/qeYC0Ti6nA pic.twitter.com/MZw8dfTSht
— الديوان الأميري (@AmiriDiwan) August 24, 2022
On Wednesday, Pakistani Prime Minister (PM) Shehbaz Sharif met with Qatari Amir Sheikh Tamim bin Hamad Al Thani at the Diwani-e-Amiri in Doha. PM Sheikh Khalid bin Khalifa and Defence Minister Dr Khalid bin Muhammad Al Attiyah were a part of the Qatari delegation. Meanwhile, Sharif was accompanied by Army chief Gen. Qamar Javed Bajwa and Finance Minister Miftah Ismail, among others.
Sharif celebrated Qatar’s “remarkable economic transformation” in the meeting and its “visionary and forward-looking” leadership.
Recalling their age-old partnership, Sharif stressed that the large Pakistani population in Qatar is evidence of the “value of people-to-people linkages” and a “source of strength for the economic progress of both countries.”
In response, the Qatari Amir appreciated the contribution of Pakistani nationals to Qatar’s development and vowed to provide them with employment opportunities. To this end, Sharif said that Qatar’s economic growth would give even more opportunities for Pakistanis.
Held a very productive meeting with HH Sheikh Tamim bin Hamad Al-Thani, Emir of Qatar. We have decided to take our excellent bilateral relations to the next level of strategic engagement. Grateful to HH Emir for Qatar's investment of $3 billion in various sectors of our economy.
— Shehbaz Sharif (@CMShehbaz) August 24, 2022
According to a Pakistani Foreign Office release, the pair celebrated the “upward trajectory” of relations between the countries. They agreed to expand bilateral cooperation in institutional engagement, trade, agriculture and food, and defence and maritime security.
Sharif expressed gratitude to his Qatari counterpart for helping Pakistan meet its energy needs and also sought a further expansion of energy ties.
In an interview with Qatar News Agency following the discussions, Sharif noted that his Qatar trip comes amid a global economic slump caused by “the slow recovery from the COVID-19 pandemic, and geo-political tensions and conflicts in parts of the world.....the skyrocketing of fuel and food prices.”
May you be successful our Prime Minister 🇵🇰🇶🇦
— Maryam Nawaz Sharif (@MaryamNSharif) August 23, 2022
Thank you Qatar for standing by Pakistan. pic.twitter.com/u4UvQu0hA7
He stressed that Pakistan and Qatar’s relations “have seen a steady and positive trajectory over the last few years” and expressed interest in establishing even “more robust strategic relations.”
In this regard, Sharif also met with Qatar Business Association Chairman Sheikh Faisal Bin Qassim Al-Thani.
The two sides also discussed the Afghan crisis and appreciated their combined efforts to secure peace in the country. Sharif celebrated Qatar’s role in facilitating the Doha Accords and also stressed the need for “constructive engagement” between the Taliban and the international community.
Sharif also once raised Pakistan’s ongoing conflict with India in Kashmir and called for a “peaceful resolution,” which he stressed is critical for “sustainable peace, security, and prosperity” across South Asia.
He underscored during his trip Pakistan celebrates and values its “mutually beneficial” relations with Gulf countries and supports “Islamic unity.”