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Munir on week-long go to to Saudi Arabia, UAE to shore up financial system

ISLAMABAD: The military chief arrived in Riyadh on a week-long official go to, first to Saudi Arabia after which United Arab Emirates (UAE), till January 10, as Pakistan appears to assist shore up alliances with international locations battling the impression of rising inflation.

In line with the Inter-Companies Public Relations (ISPR), Gen. Syed Asim Munir will name on the senior management of the 2 “brotherly international locations” to debate bilateral ties and military-to-military cooperation, amongst different matters.

On Thursday morning, he met Prince Khalid bin Salman, the Saudi defence minister, and mentioned the methods to strengthen cooperation between the 2 nations, the official Saudi Press Company mentioned.

In line with SPA, the overall arrived within the oil-rich kingdom within the early hours of Thursday the place he was acquired by the minister. It mentioned the 2 additionally emphasised the power and sturdiness of bilateral relations.

Munir and Salman additionally mentioned army and defence cooperation, in addition to methods to help and improve them.

Through the assembly, the minister congratulated Munir on his appointment as the pinnacle of the Pakistan Military.

Pakistan’s overseas alternate reserves barely cowl a month’s price of imports, most of that are accounted for by vitality purchases from overseas, with funds anticipated underneath an Worldwide Financial Fund (IMF) programme having been delayed.

Islamabad additionally struggles to quell default fears in home and worldwide markets, with a $1.1 billion IMF bailout tranche caught attributable to variations over the ninth programme overview, which ought to have been accomplished in November.

Different crucial multilateral and bilateral financing avenues are additionally linked to the IMF programme, which suggests the nation is hard-pressed to satisfy exterior financing wants of over $30 billion up till June, together with debt repayments and vitality imports.

Final month, the Saudi authorities mentioned it’s going to assist Pakistan’s funds and can “proceed to help Pakistan as a lot as we will”.

Beforehand, it prolonged the time period of a $3 billion deposit to spice up overseas foreign money reserves and assist Pakistan in overcoming the financial repercussions of the coronavirus pandemic.

— With Reuters

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