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According to Emiri Diwan of Qatar, the Qatar Investment Authority plans to invest $3 billion in Pakistan, bolstering the struggling economy of the South Asian country.

With foreign reserves as low as $7.8 billion, barely enough to cover more than a month"s worth of imports, Pakistan is experiencing an economic crisis and a balance of payments catastrophe.

Additionally, it has to deal with an expanding current account deficit, the rupee"s depreciation against the dollar, and inflation that reached more than 24% in July.

The Emiri Diwan stated, without going into any detail, "The Qatar Investment Authority revealed its intention to spend $3 billion in various funds and merchant sectors in the Islamic Republic of Pakistan."

The declaration was made by Prime Minister Shehbaz Sharif while he was in Doha. On Wednesday, following meeting with the QIA on Tuesday, he had formal negotiations with Qatari Emir Sheikh Tamim bin Hamad al-Thani.

Emiri Diwan reported that "His Highness highlighted the importance of the brotherly and strategic ties between the two nations as well as their goal to strengthen economic collaboration by boosting trade exchange and promoting investment through the Qatar Investment Authority."

The international monetary fund (IMF) meeting that will likely authorise more than $1 billion in financing that has been frozen since the start of the year will be preceded by the prime minister"s travel to Qatar.

On Tuesday, Prime Minister Shehbaz extended an invitation to Pakistan"s energy and aviation sectors from Qatar"s $450 billion sovereign wealth fund, the QIA.

He had earlier stated that he will emphasise industries like renewable energy, food security, the development of industries and infrastructure, tourism, and hospitality.

According to sources close to the prime, shares in state-owned companies including the struggling Pakistan International Airlines and the Roosevelt Hotel in New York will be offered to Qatar.

PM Shehbaz also hailed the father of the Emir of Qatar for welcoming more than 200,000 Pakistanis who had immigrated to the gulf nation and were now helping both Pakistan and the State of Qatar advance. He promised to continue working with the nation in accordance with Qatar"s 2030 Vision.

The premier sent Qatar his heartfelt congratulations and best wishes for hosting the upcoming FIFA World Cup in 2022.