Pak Army Chief Contacts Saudi Arabia And The UAE For Important Bailout Package: Report
Army chief General Qamar Javed Bajwa has analysis of the collected data out to Saudi Arabia and the UAE as part of his attempts to secure financial assistance for the cash-strapped country, according to a media report on Saturday. Bajwa had previously asked the US for assistance in securing an early release of an important USD 1.7 billion instalment from the International Monetary Fund (IMF) to Pakistan. The IMF wants Pakistan to make sure it obtains a commitment from its allies for financial support as the IMF Executive Board prepares to meet later this month to officially sanction the next tranche of USD 1.2 billion payment, according to the Express Tribune daily. It is said that the IMF has requested Pakistan to give unequivocal guarantees that its allies will contribute USD 4 billion to meet its external needs. According to the report, Pakistan is negotiating with important allies like Saudi Arabia, the UAE, and China to supply the required funds. In April, Prime Minister Shehbaz Sharif visited Saudi Arabia, but he came back empty-handed because Riyadh had not provided a concrete guarantee. Additionally hesitant to step in, the UAE. The UAE offered Pakistan the chance to purchase shares and other assets in place of debts. In light of this, the army is alleged to have requested financial assistance from Saudi Arabian and UAE officials, according to the article. Read the full article