After America, now General Bajwa in UAE and Saudi Arabia, seeking bailout; Trying to bring the country's economy back on track
Pakistan Army Chief General Qamar Javed Bajwa has gone to UAE and Saudi Arabia amid Pakistan's dwindling foreign reserves. The purpose behind visiting these two countries is to get financial assistance. After seeking help from America, Bajwa is now pleading in front of friendly countries to save Pakistan's continuously collapsing economy. According to media reports, on Saturday, Bajwa also discussed with the officials of both countries the financial help from the International Monetary Fund. Bajwa had visited America a few days ago and appealed for a loan for Pakistan.
Urges IMF to expedite bailout process
In order to save Pakistan from being a defaulter in the US, under the IMF program, there was an appeal to release the initial aid of $ 1.2 billion as soon as possible. In this sequence, he spoke to US Deputy Secretary of State Wendy Sherman on the phone and also met top officials of the US military. General Bajwa urged the White House and the Treasury Department to urge the IMF to expedite the bailout process. However, the IMF said that it would issue loans to Pakistan only if the conditions were met.
Record fall in Pakistani rupee
The Pakistani rupee has weakened to a record low. At present, the value of one dollar is Rs 223. Pakistan's foreign exchange reserves have also fallen by $ 9.3 billion. Even for five weeks, things of Pakistan's needs cannot be imported with this much money. This is the reason why the Shahbaz Sharif government is cutting its expenses rapidly.