February 21, 2023 (MLN): In light of Pakistan's current economic challenges, the country has reportedly received promising indications of financial support from China and Saudi Arabia, its long-standing allies, as reported by Express Tribune.

Foreign Minister Bilawal Bhutto Zardari met with Saudi Arabia's Foreign Minister Faisal Bin Farhan Al Saud and China's foreign policy chief Wang Yi during the Munich Security Conference, where discussions centered on issues of mutual interest.

While details of the meetings remain undisclosed, diplomatic sources revealed that the talks exceeded Pakistan's expectations, with both China and Saudi Arabia expressing their willingness to help.

As Pakistan seeks to revive its International Monetary Fund (IMF) program, it is counting on its allies to bridge the gap in external finances, with firm assurances from these countries required by the IMF before approving the next tranche.

“What I gathered from the foreign minister’s engagements with his Saudi and Chinese counterparts was that both countries were keen to help Pakistan,” said a source privy to the details. The source hoped that the meetings in Munich would translate into something tangible for Pakistan. “I cannot go into the nitty-gritty but I can tell you that the meetings went really well. Both the Saudi and Chinese foreign ministers were very supportive,” the source claimed.

Pakistan is in need of financial support from its friendly countries, including Saudi Arabia, China, and the UAE, to bridge the gap in its external finances and revive the IMF program.

However, the IMF also requires firm assurances from these countries before approving the next tranche. Bilawal Bhutto Zardari, Pakistan's Foreign Minister, recently held meetings with his Saudi and Chinese counterparts, which were seen as significant for the country's economic situation.

To note, Pakistan's previous attempts to seek financial assistance from friendly countries, such as the $13 billion bailout claimed by the finance minister in November 2021, were unsuccessful as the countries refused to provide more funds without Pakistan agreeing to IMF conditions.

The meetings in Munich are hoped to bring tangible results for Pakistan.

According to Chinese Foreign Minister Wang Yi, China firmly supports Pakistan's development and revitalization and is ready to provide assistance to help the country overcome its temporary difficulties.

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Posted on: 2023-02-21T09:46:00+05:00