Pakistan to Receive $2 Billion From Qatar, Acting Governor Says

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Pakistan will get $2 billion in bilateral support from Qatar in order to ease its funding crunch.

$1 billion in oil financing from Saudi Arabia will be given to the South Asian nation. Murtaza Syed, acting governor at the State Bank of Pakistan, said that all the funds are expected over the course of a year. The prime minister of Pakistan is in the country. During the trip, an announcement of assistance may or may not be made.

The pledges could lead to the release of more than one billion dollars in financing. The Washington-based lender has been trying to get a commitment from Saudi Arabia, but Arab nations have already committed to supporting Pakistan.

Since dropping to a record low last month, the Pakistan rupee has gained 11 percent, making it the best performer in the world this month.