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.
According to a statement released by the Pakistan Army’s media wing on Friday, UAE President Mohamed bin Zayed al-Nahyan called General Bajwa and offered his sympathies for the terrible loss of life caused by the helicopter accident in Lasbela.
However, it contained no mention of any discussions including financial support for Pakistan.
The most recent event occurred a few days after Bajwa allegedly requested assistance from Washington for an early IMF Executive Board meeting in a conversation with Wendy Sherman, US Deputy Secretary of State, in July last week.
According to Associated Press of Pakistan (APP), which cited sources in the Pakistan Army, Bajwa called Sherman and pleaded with the White House and the US Treasury Department to pressure the IMF to swiftly expedite the about USD 1.2 billion loan.
The Foreign Office verified that Bajwa and Sherman spoke on the phone, but it pretended to be unaware of whether the two leaders discussed the economy.