Pakistan PM Shehbaz Sharif visits Qatar seeking trade, investment

Pakistan Prime Minister Shehbaz Sharif has traveled to Qatar in the hope of generating trade and investment for his cash-strapped country, his office and aides said.

“I will highlight the exciting investment opportunities in Pakistan’s various sectors such as renewable energy, food security, industrial and infrastructure development, tourism and hospitality,” Sharif said in a statement on Tuesday before setting off.

The South Asian country of 220 million people is in economic turmoil with a balance of payment crisis.

The foreign reserves have fallen to as low as $7.8bn, hardly enough for more than a month of imports, a widening current account deficit, a historic depreciation of the rupee against the United States dollar and 24.9 percent inflation posted in July.

The visit is coming ahead of an International Monetary Fund (IMF) meeting next week that is expected to approve a $1.2bn tranche of lending, which has been stalled since the beginning of the year.

Sharif’s office did not give details of his agenda but two sources close to him said he was expected to offer Qatar shares in state-owned enterprises, like the loss-making Pakistan International Airlines and its Roosevelt Hotel in New York.

He was also expected to offer the opportunity to manage Pakistan’s airports and hoped to secure energy deals, they said.

Agencies