Pak Army chief Gen Bajwa reaches out to UAE, Saudi Arabia for essential bailout bundle

Days after searching for US assist in securing an early launch of a vital USD 1.7 billion instalment from the IMF to Pakistan, Army chief General Qamar Javed Bajwa has now reached out to Saudi Arabia and the UAE as a part of his efforts to make sure monetary help for the cash-strapped nation, in response to a media report on Saturday.

As the Executive Board of the International Monetary Fund is about to fulfill later this month to formally approve the subsequent tranche of USD 1.2 billion instalment, the worldwide lender needs Pakistan to make sure it receives dedication from its mates for monetary help, the Express Tribune newspaper reported.

It is believed that the IMF has requested Pakistan to supply agency ensures that its mates would supply USD 4 billion for its exterior necessities.

Pakistan is in talks with key allies like Saudi Arabia, the UAE and China to supply the required funding, the report mentioned.

When Prime Minister Shehbaz Sharif travelled to Saudi Arabia in April, he returned empty-handed as Riyadh had not given any agency assurance. The UAE was additionally reluctant to return to the rescue. Instead of offering loans, the UAE supplied Pakistan to purchase shares and belongings.

“Against this backdrop, the army is believed to have spoken to the authorities both in Saudi Arabia and the UAE for financial help,” the report mentioned.

Pakistan Army’s media wing in a press release on Friday mentioned that General Bajwa acquired a phone name from UAE President Mohamed bin Zayed al-Nahyan throughout which the Gulf chief expressed deepest condolences over the tragic lack of treasured lives because of the helicopter crash in Lasbela.

It, nevertheless, made no point out of any talks associated to monetary assist to Pakistan.

The newest growth got here days days after Bajwa reportedly spoke to US Deputy Secretary of State Wendy Sherman in July final week searching for Washington’s assist for an early assembly of the IMF Executive Board.

Bajwa spoke over telephone with Sherman and in addition appealed to the White House and the US Treasury Department to push the IMF to right away expedite the almost USD 1.2 billion mortgage, state-run information company Associated Press of Pakistan (APP) had reported, quoting sources within the Pakistan Army.

However, the Foreign Office had feigned ignorance if the 2 leaders talked about economic system even because it confirmed that Bajwa and Sherman had a telephonic dialog.

Bajwa up to now acted as a key interlocutor on monetary issues as he travelled to the Gulf nations searching for monetary help for the federal government of Prime Minister Imran Khan in 2018. It was due to his army diplomacy, the UAE and Saudi Arabia prolonged monetary bailout packages, the Express Tribune report mentioned.

The cause the military chief needed to play a task stemmed from the truth that different nations maybe weren’t prepared to just accept the assurances of the civilian management, it mentioned.

Saudi Arabia, the UAE and China up to now at all times supported Pakistan in troublesome conditions however this time they linked their help underneath sure situations. Saudi Arabia and the UAE are notably working in tandem with the IMF and different Western nations on monetary help for Pakistan.

But with the military’s chief outreach, sources are assured that Pakistan would get the required monetary help to drag the nation out of the present financial crunch, the report mentioned.