Pak Army Chief Contacts Saudi Arabia And The UAE For Important Bailout Package: Report

Pakistan Army chief General Qamar Javed Bajwa has reached out to Saudi Arabia and the UAE . The IMFs Executive Board is due to meet later this month to approve the next tranche of USD 1.2 billion instalment .

Islamabad: According to a news story on Saturday, Army chief General Qamar Javed Bajwa has now reached out to Saudi Arabia and the UAE as part of his efforts to ensure financial assistance for the cash-strapped country.The IMF's Executive Board is due to meet later this month to officially approve the next tranche of USD 1.2 billion instalment, but the international lender wants Pakistan to make sure it gets support from its allies, according to the Express Tribune newspaper.The UAE was also reluctant to come to its rescue.The UAE gave Pakistan to buy shares and assets instead of loans, according to a statement from the Pakistan Army.The foreign office, however, denied that Bajwa spoke to US Deputy Secretary of State Wendy Sherman in July last week, urging the IMF to urgently seek assistance for the country's government, according to state-run news agency Associated Press of Pakistan (APP), which cited sources from the Pakistan Army.According to the Express Tribune article, the UAE and Saudi Arabia gave financial bailout packages to Pakistan because other countries were uncomfortably reluctant to accept the army chief's promises, but the UAE and China have now linked their assistance under certain conditions.