Arab News: Qatar defied US President Donald Trump on Wednesday and promised to plough $15 billion into Turkish financial markets and banks, amid a collapse in the value of the lira and a looming trade war between Turkey and the United States.
The bail-out followed talks in Ankara between the emir of Qatar, Sheikh Tamim bin Hamad Al-Thani, and Turkey’s President Recep Tayyip Erdogan.
The lira has lost nearly 40 percent of its value against the dollar this year, driven by worries over Erdogan’s growing influence on the economy and his refusal to raise interest rates despite high inflation.
Last week the US doubled tariffs on aluminium and steel imports from Turkey, during a dispute over Turkey’s detention of an American pastor on security charges that the US views as baseless.
In response, Erdogan launched a boycott of US electrical products and sharply raised tariffs on other US imports.
Turkey and Qatar have become close economic and political partners. Doha has $20 billion worth of investments in Turkey, and Ankara is one of the top exporters to the emirate. Sheikh Tamim was the first foreign leader to call Erdogan after the aborted coup in Turkey in 2016, and Turkey — along with Iran — is one of the few countries to support Qatar against the boycott by the Saudi-led Anti-Terror Quartet over Doha’s financing of terrorism.
Although Qatar has now pledged $15 billion it has not actually paid anything, and it may not be enough to solve Turkey’s economic problems.
Nayeemul Islam khan
ENA SHAKUR'S EMARAT 19/3 Bir Uttam Qazi Nuruzzaman Sarak. West Panthapath (Beside Square Hospital)Dhaka.