Army chief commends China, Saudi Arabia, UAE for economic support to Pakistan

• COAS hails contributions of business community for economic growth.
• Businessmen praise SIFC’s role in achieving positive economic indicators.
• “Given immense resources, Pakistan destined to achieve rightful position.”

Chief of Army Staff (COAS) General Asim Munir has expressed appreciation for the all-out support extended by friendly nations, particularly China, Saudi Arabia, and the United Arab Emirates (UAE), in assisting Pakistan to stabilise its economy, the Inter-Services Public Relations (ISPR) said in a statement on Friday.

The army chief’s statement came as he visited the Karachi Corps area of responsibility, where he was briefed on operational preparedness and key training initiatives undertaken by the army, the military’s media wing said.

The International Monetary Fund's (IMF) Executive Board on Wednesday approved of a $7 billion Extended Fund Facility (EFF) for Pakistan.

In a statement, IMF Pakistan Mission Chief Nathan Porter said that China, Saudi Arabia and the United Arab Emirates have given "significant financing assurances" to Islamabad linked to the country's $7 billion bailout package.

The financial assurances by the countries go beyond the agreement to roll over $12 billion in bilateral loans owed to these countries, added the official.

"I won't go into the specifics, but UAE, China and the Kingdom of Saudi Arabia all provided significant financing assurances joined up in this programme," Porter told reporters virtually.

The IMF official's statement echoes the remarks made by Finance Minister Muhammad Aurangzeb last month wherein he claimed that the aforementioned countries had confirmed the rollover for three years with renewal to take place every year. 

During his visit today, the COAS also interacted with the business community of Karachi.

The ISPR said Gen Munir hailed contributions of business community and entrepreneurs towards the country's economic growth.

“Participants expressed confidence and praised SIFC for its role towards achieving the positive economic indicators, which are providing an enabling environment for further economic growth,” it added.

Moreover, the COAS also commended the efforts of federal and provincial governments towards supporting all initiatives and remarked that naysayers who made failed efforts towards creating despair and despondency in the society have been defeated through the collective efforts of all stakeholders.

“[The] COAS appreciated the praiseworthy role performed by brotherly and friendly countries especially China, Kingdom of Saudi Arabia and UAE in the economic recovery of Pakistan by helping us in multiple domains,” read the ISPR’s statement.

He highlighted that Pakistan has remarkable potential in various domains and all must have unflinching trust and confidence in the bright future of Pakistan.

“Given the immense resources and potential, Pakistan is destined to achieve its rightful position in the comity of nations, InshaAllah.” 

The army chief also inaugurated Innovista Indus IT Park, a hub aimed at empowering Pakistan's youth by fostering academia-industry collaboration in the field of Information Technology, particularly artificial intelligence.

Sindh Chief Minister Murad Ali Shah, and notable civil community members attended the inauguration ceremony, as per the ISPR.

CM Murad emphasised the importance of IT domain for optimal exploitation of potential of youth and economic growth.

The army chief highlighted that such projects are aimed at providing the most conducive environment to further promote the growth of IT Industry in the country, which is already accelerating at a respectable pace.

Earlier on arrival, the COAS was received by Corps Commander Karachi.