According to media reports, finance minister Ishaq Dar is scheduled to leave for Washington soon to attend Annual Spring Meetings of the Bretton Woods amid reports that the International Monetary Fund (IMF) officials and a high-powered Dar-led team are likely to discuss possibility of combining the remaining 10th and 11th reviews in case the Fund shuns its reluctance and ultimately decides to unlock a tranche that is linked to successful completion of 9th review. Frankly speaking, attending the Bretton Woods meetings in the US capital without successfully persuading Pakistan’s friends Saudi Arabia and the UAE to honour their commitments that are critical to completion of 9th IMF review doesn’t make any greater sense.
It’s not still clear that the two Arab oil producing countries have reneged on their pledges. But what’s increasingly clear about them is growing ambivalence on their part. Both the most important Islamic states of the Arabian Peninsula and the Gulf from Pakistan’s perspective need to come clean about their approach to Islamabad’s economic plight. China has rolled over its $2billion loan for one year.
What about the Islamic brotherly countries, the UAE and Saudi Arabia? More importantly, Dar’s visit to Washington will be taking place in the wake of US’ recently-concluded global event “Summit for Democracy”, which Pakistan conveniently boycotted for the reason that the host had not invited China, Russia and Turkey to it! Last but not the least, we’re unnecessary creating a gulf between ourselves and the IMF by distancing our country, albeit unknowingly, from the US-led West. The question is: Are our current foreign policy imperatives really aimed at promoting, protecting and preserving our economic and strategic interests?
Bushra Jahangir Khan
Karachi
Copyright Business Recorder, 2023
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