Adviser to Pakistan’s Prime Minister on Finance Abdul Hafeez Shaikh confirmed on Monday that Islamabad has secured a bailout package of $3 billion from Qatar.
He made the announcement on Twitter a day after a visit by Qatari Emir Sheikh Tamim Bin Hamad to Pakistan.
With the new Qatari help, Pakistan has secured from donor states and friendly countries since Prime Minister Imran Khan came to power last year around $22 billion.
Last month, Pakistan and the International Monetary Fund (IMF) reached an agreement on a new three-year $6 billion bailout package.
Pakistan’s economic crisis has worsened due mainly to a drop in tax revenues.
Meanwhile, Qatar Petroleum has signed an agreement with Chevron Phillips Chemical to build a new petrochemicals complex north of Doha in Ras Laffan Industrial City.
Chevron Phillips Chemical Co — a joint venture of Chevron Corp and Phillips 66 — will own a 30 percent stake in the complex, with the rest owned by Qatar Petroleum, Qatar Petroleum CEO Saad al-Kaabi told a news conference in Doha on Monday.
The plant will come online by 2025 and increase Qatar’s polyethylene output capacity by 82 percent, he said.