$500m received from Qatar
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KARACHI: Pakistan on Saturday received the first tranche of $500 million from Qatar under the $3 billion package consisting of a foreign currency deposit and direct investment.
State Bank of Pakistan’s chief spokesman Abid Qamar told Dawn that a deposit of $500m had been received from the gas-rich nation.
Qatar had announced the package a day after its ruler Emir Sheikh Tamim bin Hamad Al Thani’s two-day visit to Islamabad last week.
Qatar is the fourth country which offered a support package to Pakistan making the combined bilateral loans from all these friendly countries during the current fiscal year to more than $12.7bn before Pakistan formally enters an International Monetary Fund programme for $6bn financing next month.
So far, Saudi Arabia, China and the United Arab Emirates have extended about $9.7bn in loans and cash deposits to Islamabad since the Pakistan Tehreek-i-Insaf came to power in August last year.
However, it is unclear how much of the Qatari bailout would include cash deposit and how much will be in the form of investment.
Published in Dawn, June 30th, 2019
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Comments (66) Closed
Jun 30, 2019 07:57am
At what intrest!??
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Jun 30, 2019 08:07am
Should also specify what it will be used for..
How much of budget was allocated for a new dam?
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Jun 30, 2019 08:08am
Nation of benefits.
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Jun 30, 2019 08:09am
Pakistan needs industrial development for manufacturing of industrial and consumer product. This will create jobs and produce products that can be exported to earn foreign exchange. Production of such products can also reduce imports of many products.
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Jun 30, 2019 08:09am
Loan, loan and more loan!
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Jun 30, 2019 08:22am
@Lahore Vivek, Did you ask this question from Zardari or Nawaz when they were piling debt at exponential rate.
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Jun 30, 2019 08:26am
Where is so much money going? Since last year pakistan has taken almost 15 billion usd loan but still under crisis and going to IMF. So where is the money going?
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Jun 30, 2019 08:36am
How long this begging bowl life will continue?. Will we ever stand on our own feet?. Feel very much ashamed.
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Jun 30, 2019 08:39am
Start using Electric Stoves and Solar Panels which will reduce imports by millions of dollars.
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Jun 30, 2019 08:43am
I think we should stop importing unnecessary items,just like makeup items and expensive cars and many more
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Jun 30, 2019 08:47am
Which country next ?
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Jun 30, 2019 08:48am
More n more loans. It will certainly break the back of the next government.
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Jun 30, 2019 08:48am
Is the country able to service interest ??? What are the terms ? Is it perpetual or fixed tenure ... please shed some more details to analyze
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Jun 30, 2019 08:49am
At what Cost ??
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Jun 30, 2019 08:57am
Let’s just call a spade a spade. It is what we all know it is..
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Jun 30, 2019 09:07am
is this Aid or loan??
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Jun 30, 2019 09:33am
Excellent. Congratulations.
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Jun 30, 2019 09:34am
Congratulations IK. You have become a professional now.
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Jun 30, 2019 09:37am
Wow ! what an achievement.
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Jun 30, 2019 09:48am
Legacy loans and huge current account deficit is a challenge that will continue to effect PTI govt. Good fiscal management is what we are expecting from PTI, alteast they can control the revenue leakages and curtail corruption, which will go along way in putting the country back on path.
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Jun 30, 2019 09:57am
@Lahore Vivek, no interest!
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Jun 30, 2019 10:19am
Congratulations! Show PM IK knows how to get dollars from visitors. Nawaz or Zardari could never make rich visitors give dollars!
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Jun 30, 2019 10:29am
Only.the foreign deposit will carry interest? The investment amount is odd because nothing is mentioned. Salams
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Jun 30, 2019 10:35am
"So,
Life runs on loan."
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Jun 30, 2019 10:35am
Pakistan should be ashamed of itself where it needs money from just about anyone. I would be ashamed to beg and worse this happens all the time...
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Jun 30, 2019 10:36am
How can ask for money like this. This is like begging
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Jun 30, 2019 10:51am
What an achievement.
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Jun 30, 2019 10:55am
Qatar a country whose population will be around same as Karachi is giving loan (or call it deposit) to a country of 220 million. Guess next round will be with east European or East Asian countries and it will be in millions only.
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Jun 30, 2019 10:59am
Congratulations, I damn sure I will give Rs500 for military experiences.
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Jun 30, 2019 11:02am
Can Pakistan teach cash strapped and bankrupt nations the art of marketing a nation even in such times.
I'm sure Venezuela, Greece and many broke nations can benefit from this strategy.
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Jun 30, 2019 11:04am
Who's going to pay for it ????? and including this and other debt, how much we have right now, because by rough estimate excluding park money, they already took 10 billions $.
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Jun 30, 2019 11:31am
Only one program cpec put Pak into huge loan means how bad deals and plannings took.... Unimaginably Pak leaders so innocent that they don't use brains but uses emotions in dealings. If anyone tell that" construct this road and Pak will become more prosperous than India", Pak people starts constructing road without thinking logic behind the road.
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Jun 30, 2019 12:03pm
Congrats for getting another loan. Its every week common news now-a-days from Pakistan. Keep it up.
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Jun 30, 2019 12:05pm
This 500 million will be wiped off in MSB, qatar heads and upcoming prince william visit.
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Jun 30, 2019 12:09pm
@Fkhan, debt with exponentially high interest rates from whom? China or multilateral financial institutions? We know the second category doesn't impose high interest rate. So, for second option u can't blame previous governments. And the first one? It's taboo.
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Jun 30, 2019 12:19pm
Was a client state dependent on the largesse of US. Until the US wisened up. Then it shifted to faltering China to get alms. This bore no results. Then prostrated in front of the Saudis, UAE and now Qatar. ZAB wanted the nation to eat grass in order to spend vast sums on developing weapon of mass destruction. Pakistan has acquired the weapons and continues to build more of the same that it cannot use. Time has now come to eat grass.
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Jun 30, 2019 12:21pm
A bankrupt nation with a large begging bowl. Countries will soon avoid meeting Pakistan for the fear of being touched for a loan.
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Jun 30, 2019 12:23pm
@Rakesh Jain, Makes no difference - we'll take it from whoever is willing to give. A good shot or a top edge - a boundary is 4 runs either way.
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Jun 30, 2019 12:38pm
External Debt in Pakistan is expected to be 105000.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate External Debt in Pakistan to stand at 115000.00 in 12 months time. This trench will help reach target fast.
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Jun 30, 2019 12:40pm
you are droping stones in a big well.
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Jun 30, 2019 12:42pm
Finally some good news for Pakistan.
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Jun 30, 2019 12:49pm
At the end of the PML-N’s term, Pakistan’s gross public debt was equal to 72.1% of GDP, which the IMF said would increase to 77% at the end of current fiscal year. By fiscal year 2019-20, the debt-to-GDP ratio would be 79.1% and it would gradually swell to 84.1% of GDP, stated the report. Seems someone has muted the alarm bells.
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Jun 30, 2019 01:00pm
The financial and political cost of this largesse should also be disclosed.
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Jun 30, 2019 01:00pm
Let's party...hurray.
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Jun 30, 2019 01:00pm
Hurray ..... Now the party begins
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Jun 30, 2019 01:03pm
Yes IK keep going. Bring some more deposites..just ask modi..may be he give billion dollars.
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Jun 30, 2019 01:04pm
I doubt PTI will impose more tax on public for pay back
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Jun 30, 2019 01:12pm
Thats good. We need more money for our economic growth. Thanks Qatar.
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Jun 30, 2019 01:15pm
Congratulations. But for Qatar, $3bln is just a peanut. But they are giving this peanut even in multiple pieces. Humiliating.
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Jun 30, 2019 01:16pm
Congrates pakiatan..
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Jun 30, 2019 02:00pm
@Nasir, there is no free lunch in this world .hope u know this
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Jun 30, 2019 02:03pm
There is no free lunch
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Jun 30, 2019 02:33pm
@Ash20, So what?
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Jun 30, 2019 02:59pm
To how many countries you will sell nuclear bomb technology?
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Jun 30, 2019 04:40pm
Thanks for your generosity. Keep it up and hang on tough.
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Jun 30, 2019 05:19pm
Shameful
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Jun 30, 2019 06:22pm
it's funny how this incumbent government has labeled these loans from so called friendly countries as support packages......why not disclose the actual terms, conditions and interest......all this adds up to a total of $20 billion in new debt for pakistan.......along side the 25% debt increase incurred on existing loans by the rupee devaluation.......bravo!
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Jun 30, 2019 06:42pm
Meanwhile Pakistan just lost a lot of money
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Jun 30, 2019 06:42pm
Naya Pakistan. Loans, loans, loans......................................
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Jun 30, 2019 06:43pm
@Fkhan, But we thought Naya Pakistan will be different.
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Jun 30, 2019 07:41pm
@Reader, : Yet to get the package from Kuwait, oman, malaysia and turkey...
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Jun 30, 2019 08:22pm
@Abdullah,
U call this good news ?
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Jun 30, 2019 08:39pm
loans and loans
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Jun 30, 2019 08:49pm
that will help in pak development
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Jun 30, 2019 10:04pm
Instead of loan why not have a trade agreement: RNLG from Qatar paid by Pak. goods and manpower exports. Ministry of Commerce can start with a $ 3 to $ 5 billion trade deal. This would save foreign exchange for Pakistan and for Qatar which imports everything and labor services, can benefit from low prices due to massive devaluation of the rupee.
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Jul 01, 2019 01:07am
have some dignity pm sahab
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