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The Qatar Investment Authority has announced that it aims to invest $3 billion in Pakistan's renewable energy, power and hospitality sectors. 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.
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The announcement follows a visit to Doha from Pakistan Prime Minister Shehbaz Sharif, who held official talks with Qatari Emir Sheikh Tamim bin Hamad al-Thani. Sharif's visit to Qatar comes ahead of an International Monetary Fund meeting next week that is expected to approve more than $1 billion in financing.
Why it matters
Pakistan's ropey financial circumstances have found it seeking funding not only from the IMF but also looking to sell some of the family silver off to some of the GCC giants. The nation's financing shortages have also led to Saudi Arabia and the United Arab Emirates each contributing $1 billion to Pakistan’s oil industry.
