Qatar Investment Authority aims to invest $3b in Pakistan

The Qatar Investment Authority aims to invest $3b in Pakistan, the Qatari ruler's office said on Wednesday, 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, barely enough for more than a month of imports. It is also contending with a widening current account deficit, weakening rupee currency, and inflation that exceeded 24% in July. "The Qatar Investment Authority announced its aspiration to invest $3b in various commercial and investment sectors in the Islamic Republic of Pakistan," the Emiri Diwan said, without giving details. The announcement was made during a visit to Doha by Pakistan Prime Minister Shehbaz Sharif, who held official talks with Qatari Emir Sheikh Tamim bin Hamad al-Thani on Wednesday after a meeting with the QIA on Tuesday. Doha has shown interest in airport management partnership and the Roosevelt Hotel in New York's Manhattan owned by the Pakistan International Airlines, two Pakistani aviation officials involved in the talks told Reuters. "Qatar has shown interest in taking over terminal and cargo services at Islamabad airport," one of the officials said, adding other airports, such as Karachi, could also be considered later on.<br/>