Pakistan Economic Crisis: Saudi Arabia, China, UAE… Pakistan begged in front of friends, IMF framed big screw, big condition laid for loan know how
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The Government of Pakistan wants to revive the IMF program. Pakistan’s Foreign Minister Bilawal Bhutto Zardari met his Saudi counterpart and Chinese foreign policy chief on the sidelines of the Munich Security Conference last week. More details about this meeting have not been revealed. Citing sources, The Express Tribune said Bilawal discussed issues of mutual interest with Saudi Foreign Minister Faisal bin Farhan Al Saud and Wang Yi, member of the Political Bureau of the CPC Central Committee and director of the Office of the Central Commission for Foreign Affairs. .
Saudi Arabia and China want to help!
According to the report, a source with knowledge of the matter said, “The information I got from the foreign minister’s talks with Saudi and Chinese counterparts was that both countries are willing to help Pakistan.” Pakistan has high hopes from the Munich meetings. The source claimed, ‘I cannot give specifics but I claim that these meetings went really well. Both the Saudi and Chinese foreign ministers were very supportive.
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Pakistan needs the help of friendly countries
The Shehbaz government has implemented several austerity measures to meet the IMF conditions. These include introduction of new taxes, reduction in subsidies on electricity and fuel. IMF also needs concrete assurance from Pakistan’s friendly countries that they will not seek immediate loan back from the borrower country. Saudi Arabia, China and the United Arab Emirates will have to give this assurance to the IMF after which it will approve the next tranche. In view of this, Bilawal’s meeting with Saudi and Chinese ministers is considered very important.
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