*DOHA:* Qatar has pledged $15 billion of direct investment in Turkey amidturbulence in the nation’s markets following a spat with the U.S.

Qatar’s Emir Sheikh Tamim Bin Hamad Bin Al Thani has pledged the amount inhis meeting with Turkish President Recep Tayyip Erdogan in Ankara onWednesday, according to state-run Anadolu Agency. The finance ministers ofboth countries were also present.

“This is part of the Turkish government’s strategy to avoid theInternational Monetary Fund by finding alternative external support,”Allianz SE chief economic adviser Mohamed El-Erian said in a tweet. “To bea sustainable stabilizer, funding needs to be larger and reach the centralbank.”

Turkish assets plummeted this week, led by lira, as a diplomatic feud withthe U.S. added to the country’s risks surrounding double-digit inflation.Erdogan imposed a spate of new import tariffs on American goods as heresisted pressure from U.S. President Donald Trump to release an Americanpastor held on charges of aiding a coup attempt two years ago.

Ibrahim Kalin, spokesperson for the president, confirmed the amount ofinvestment in a tweet. The lira’s gains accelerated to 5.5 percent againstthe dollar after the reports. The state-run Qatar News Agency alsoconfirmed the investment.