Qatar has recently announced to invest $3 billion in Pakistan in the form of deposits and direct investments. In the recent visit by Emir of Qatar Sheikh Tamim Bin Hamad, Pakistan and Qatar signed a total of 3 MOUs and Qatar promised the investment as well.
The MOUs signed included the following:
- MOU on the establishment of cooperation in the field of exchange of financial intelligence related to money laundering associated predicate offenses and terrorism financing between Qatar’s Financial Information Unit (FIU) and Pakistan’s Financial Monitoring Unit. This was signed by Head of Qatar FIU Sheikh Ahmed Bin Eid Al Thani and acting DG Finance Monitoring Unit Muneer Ahmed.
- MOU on the establishment of Pakistan and Qatar Joint Working Group (JWG) on trade and investment signed by Qatar’s Finance Minister Ali Shareef Al Emadi and advisor on Commerce Abdul Razak Dawood.
- MOU for cooperation in the field of tourism and business events between Qatar and Pakistan signed by Secretary-General Qatar Nation Tourism Council Akbar Al Baker and Inter-Provincial Coordination minister Dr. Fehmida Mirza.
Qatar’s Emir was given a red carpet welcome upon his arrival at Nur Khan Airbase, and the prime Minister, himself was present there to receive the Emir. The prince was also awarded the Nishan-e-Pakistan, the highest civil award of Pakistan, by the President of Pakistan Dr. Alvi.
Pakistan has been looking for sources of finance, other than that of the IMF or the World Bank. Saudi Arabia recently agreed to give $3.2 billion worth of oil to Pakistan, every year on deferred payments, starting from July this year. Now, Qatar is investing another $3 billion in the cash-strapped economy of Pakistan.
This step along with the MOUs signed will definitely have a positive impact on the deteriorating economy of Pakistan, and will also make Pakistan a key player in the Middle East, because of its alliances with Qatar, as well as Saudi Arabia.