Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 2025

Army Chief Helped In Securing Funds From Saudi, UAE: Pak PM

Army Chief Helped In Securing Funds From Saudi, UAE: Pak PM

"Chief of Army Staff General Asim Munir has contributed to the government's efforts to secure funds from Saudi Arabia and the UAE," Mr Sharif said.
Pakistan's Prime Minister Shehbaz Sharif on Saturday disclosed that Army Chief General Asim Munir played a role in securing funds from Saudi Arabia and the UAE -- a pre-condition by the IMF to seal a bailout deal with the cash-strapped nation.

Addressing a ceremony in Lahore, PM Sharif also expressed hope that now the IMF will not delay in reaching an agreement for USD 1.1 billion sought by Pakistan as the Pakistan Muslim League-Nawaz led coalition government has made a lot of efforts to fulfill the IMF demands.

"Chief of Army Staff General Asim Munir has contributed to the government's efforts to secure funds from Saudi Arabia and the UAE," Mr Sharif said.

Debt-ridden Pakistan and the IMF have failed to reach a staff-level agreement on the much-needed USD 1.1 billion bailout package aimed at preventing the country from going bankrupt.

The funds are part of a USD 6.5 billion bailout package the IMF approved in 2019, which analysts say is critical if Pakistan is to avoid defaulting on external debt obligations.

Earlier, the Pakistani Army had announced that Gen. Munir has no role in politics while Pakistan Tehreek-e-Insaf chief Imran Khan still maintains that the ultimate power in the country's politics rests with the Army chief.

The premier said that after securing funds/loans, Pakistan has now met all "tough conditions" of the IMF for the staff-level agreement.

Hopefully the IMF will now have no excuse to delay the agreement (to release a tranche of USD 1.1 billion)," he said.

"The nation would have to decide whether it would depend on foreign debts or want to stand on its feet by carving a niche among the comity of nations with honesty, dedication and hard work," Shehbaz Sharif said.

"Pakistan was not created to run on debts and act like beggars because their forefathers and different generations had given sacrifices for the motherland," he said.

Shehbaz Sharif said the IMF had sought bilateral financial support from friendly nations before the staff-level agreement.

"Realising our problems, China provided a rollover of USD 2 billion loan, besides returning back the previous debt amount paid back by Pakistan. The UAE had committed a loan of USD 3 billion," he said.

"Such tough conditions were set which weren't easy for Pakistan to fulfil," the prime minister said.

His remarks came as it emerged that Pakistan still needed USD 3 billion to bridge the USD 6 billion financing gap during the current fiscal year ending June.

Quoting highly placed sources, The Express Tribune newspaper reported that the IMF was seeking confirmation for the total USD 6 billion loans that Pakistan urgently needs to bridge the external financing gap.

They said that the government was trying hard to secure commitments for the rest of the USD 3 billion by next week, the report said.

The country has secured a commitment from Saudi Arabia to provide USD 2 billion and the UAE to give USD 1 billion but it is not enough.

Four days ago, Finance Minister Ishaq Dar had requested the IMF to show some flexibility and strike a staff-level deal, which according to him can pave the way for arranging the rest of the loans.

But the IMF identified the USD 6 billion hole in Pakistan's external financing requirement, which it asked to be bridged before the matter is taken to the IMF's board for approval of the next loan tranche.

Pakistan still might take some time to arrange the rest of the loans. The government has mentioned loans from foreign commercial banks as one of the sources to bridge the gap.

However, the finance ministry officials said that it will take four to six weeks for negotiations and then the disbursement of the foreign commercial loans, adding if these foreign commercial banks just give an assurance to the IMF, it will be sufficient to strike a deal, the report said.

Foreign banks are reluctant to extend any fresh financing due to the junk credit rating of Pakistan.

Meanwhile, Nathan Porter, IMF Mission Chief to Pakistan, said that the global lender "looks forward to obtaining the necessary financing assurances as soon as possible to pave the way for the successful completion of the 9th EFF (Extended Fund Facility) review".

Nathan Porter welcomed "the recent announcement of important financial support to Pakistan from key bilateral partners", implicitly confirming the UAE and Saudi Arabian commitments. But these commitments are short of the requirements of Pakistan.

He said that the lender was supporting Pakistan's efforts to arrange the loans.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×