COAS urges US to intervene for early release of IMF loan
PM Shehbaz praises Army’s flood relief work in meeting with Army Chief
Pakistan values China’s role in global, regional affairs:General Bajwa
Islamabad-Mudasser Chaudhary
Army Chief General Qamar Javed Bajwa called on Prime Minister Shehbaz Sharif at the PM House in Islamabad on Friday,
both the prime minister and army chief discussed internal security issues confronting the country.
General Bajwa briefed PM Shehbaz Sharif about professional preparedness of country’s armed forces, which the latter appreciated.
PM Shehbaz, on occasion, also praised the Pakistan Army for assisting in relief and rescue activities in flood-hit areas of country.Meanwhile
Chief of Army Staff General Qamar Javed Bajwa has reached out to Washington to request help in securing an early loan dispersal from the International Monetary Fund, Nikkei Asia has reported, as dwindling foreign reserves spark a scramble in Islamabad to avoid a default.
According to Nikkei Asia, Gen. Qamar Javed Bajwa spoke by phone with U.S. Deputy Secretary of State Wendy Sherman in a highly unusual move earlier this week, according to sources from both U.S. and Pakistan. sources, who requested anonymity because they were not authorized to speak publicly, said Bajwa made an appeal for White House and Treasury Department to push the IMF to immediately supply nearly $1.2 billion that Pakistan is due to receive under a resumed loan program.
IMF already granted Pakistan “staff-level approval” for the loan in question on July 13. But transaction — part of IMF’s $6 billion Extended Fund Facility for Pakistan — will only be processed after multilateral lender’s executive board grants final approval.
IMF is going into recess for next three weeks and its board will not convene until late August. No firm date has been set for announcing loan approval for Pakistan, according to an IMF official who also spoke on condition of anonymity.
For Islamabad, time is of the essence as Pakistan rupee is falling freely against US dollar in interbank trading.
Without an immediate lifeline, the inflation-ravaged Pakistani economy will continue to hemorrhage. rupee has been plummeting against the dollar, and the country has less than $9 billion in foreign reserves left, covering under two months of import bills. On Thursday, S&P Global downgraded Pakistan’s outlook to negative from stable.
Earlier Inter-Services Public Relations (ISPR), matters of mutual interest, defence collaboration, progress on China Pakistan Economic Corridor (CPEC) and regional security were discussed in detail during meeting. COAS said that Pakistan values China’s role in global and regional affairs and we look forward to enhancing our strategic partnership.
General Qamar Javed Bajwa reiterated that Pakistan remains committed to cooperate with its international partners for peace and stability in region.
visiting dignitary thanked the COAS for special measures taken for provision of safe and secure environment for Chinese personnel employed on various projects in Pakistan and efforts towards regional stability.
Ambassador Nong Rong also assured to play his role for further improvement in diplomatic cooperation with Pakistan at all levels.