Pakistan's claims fall short as Qatar announces $3 billion bailout instead of $22 billion

In another embarrassment for Pakistan, the cash-strapped country on Monday secured a bailout package of $3 billion from oil-rich Qatar, a day after Emir Sheikh Tamim bin Hamad concluded his visit to Islamabad and agreed to cooperate in the fields of trade, anti-money laundering and curbing terror financing.

According to reports, the government of Pakistan had contacted Qatar government and there were reports of Pakistan getting an investment of $22billion in its various sectors.

Earlier on Sunday, Pakistan Prime Minister Imran Khan said that the Emir will announce investments deals worth $22 billion during his visit.

"This comes as a second major investment in the country after the Kingdom of Saudi had announced to invest $21 billion in Pakistan in three phases under its investment plan," he said.

In January, Khan had visited Qatar to promote trade ties between the two nations. During his visit, the Pakistani premier met the Qatari leadership and the business and investment communities of Qatar.

The Gulf state is the fourth nation that has come forward to rescue Pakistan from default during the past 11 months as the government of Prime Minister Imran Khan tries to overcome a ballooning balance-of-payments crisis.

Earlier, China gave $4.6 billion in the shape of deposits and commercial loans and Saudi Arabia provided $3 billion cash deposit and $3.2 billion oil facility on deferred payments. The United Arab Emirates also provided a $2 billion cash deposit.

(With inputs from PTI)