For the forthcoming FIFA World Cup 2022, hosted in Qatar, the Pakistan Army will help with security.
The Pakistan Army and Qatari agreement to provide support during the big football tournament from November 20 to December 18 has been approved by the federal cabinet, according to The News.
The event will take place in the Gulf nation for the first time. According to the State Bank of Pakistan (SBP), Qatar would give Pakistan $2 billion in bilateral assistance to lessen the South Asian country’s financing shortage and the resulting danger of default.
According to The News, the nation would also get $1 billion in oil funding from Saudi Arabia and comparable investments from the UAE.
SBP vice governor Murtaza Syed stated in a briefing that all the monies are anticipated to be received over twelve months.
On August 23 and 24, Prime Minister Shehbaz Sharif will go to Qatar. “An announcement of the support may or may not be revealed during the trip,” Syed continued.
Before the IMF board meeting on August 29, which might result in the disbursement of $1.2 billion in finance, assurances have been made.
Arab countries only agreed to help Pakistan if it had an IMF program, and the Washington-based lender has been looking for Saudi Arabia to contribute.
According to statistics compiled by Bloomberg, the Pakistani rupee has outperformed all other currencies this month, rising 11% since hitting a record low last month as concerns about a potential default subsided.
Meanwhile, the SBP maintained its benchmark interest rate despite receding concerns over external funding and signs that the country may soon secure IMF bailout clearance.