Pakistan PM visits Qatar looking for commerce and funding

Pakistan’s Prime Minister Shehbaz Sharif gestures through the guard of honour ceremony on the Prime Minister home in Islamabad, Pakistan April 12, 2022. Press Info Division (PID) Handout by way of REUTERS

ISLAMABAD, Aug 23 (Reuters) – Pakistan Prime Minister Shehbaz Sharif travelled to Qatar on Tuesday within the hope of producing commerce and funding for his cash-strapped nation, his workplace and aides mentioned.

“I’ll spotlight the thrilling funding alternatives in Pakistan’s varied sectors akin to renewable power, meals safety, industrial and infrastructure improvement, tourism and hospitality,” Sharif mentioned in an announcement earlier than setting off.

The South Asian nation of 220 million folks is in financial turmoil with a steadiness of cost crises as its overseas reserves have fallen to as little as $7.8 billion, hardly sufficient for greater than a month of imports, a widening present account deficit, a historic depreciation of the rupee towards the U.S. greenback and 24.9% inflation posted in July.

The go to is coming forward of an Worldwide Financial Fund assembly subsequent week that’s anticipated to approve a $1.2 billion tranche of lending, which has been stalled because the starting of the yr.

Sharif’s workplace didn’t give particulars of his agenda however two sources near him mentioned he was anticipated to supply Qatar shares in state-owned enterprises, just like the loss-making Pakistan Worldwide Airways and its Roosevelt Resort in New York.

He was additionally anticipated to supply the chance to handle Pakistan’s airports and hoped to safe power offers, they mentioned.

Pakistan, a significant importer of liquefied pure gasoline (LNG) from Qatar, additionally hoped to hunt a deferred cost plan for the LNG purchased underneath long run offers. learn extra

Pakistan has two long-term LNG provide offers with Qatar to supply for as much as 9 cargoes a month.

“We’ll certainly search any facility of deferred funds on our LNG offers,” an aide to Sharif informed Reuters, including that Pakistan was additionally looking for help for its overseas reserves to the tune of $2 billion.

Sharif’s cupboard on Monday permitted a draft settlement that permits the federal government to supply troops for safety on the FIFA soccer World Cup in Qatar this yr. learn extra

Reporting by Asif Shahzad; Modifying by Robert Birsel

Our Requirements: The Thomson Reuters Belief Rules.