Pakistan seeks easing of ‘tough conditions’ on $6 bln IMF loan

Pakistani Finance Minister Shaukat Tarin waits to make remarks at the conclusion of the US-Pakistan Trade and Investment Council meeting with in Washington on April 27, 2009. (AFP/File)
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Updated 05 May 2021
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Pakistan seeks easing of ‘tough conditions’ on $6 bln IMF loan

  • Says Pakistan had asked for more space in meeting “tough” targets
  • International Monetary Fund approved a three-year, $6 billion loan package for Pakistan in July 2019

ISLAMABAD: Pakistan is in talks with the International Monetary Fund (IMF) to try to ease “tough conditions” on a $6 bln loan, recently appointed finance minister Shaukat Tarin said on Wednesday. 
“The targets they have given us, that is tough... We have talked to them and they are very sympathetic,” Tarin said, referring to a loan agreed in an IMF program that Pakistan entered in 2019.
Pakistan did not want to leave the program but had asked the IMF to give it more space, Tarin said at his first press conference since he was appointed last month.


Pakistan Navy tests missile, loitering munitions and unmanned vessel at Arabian Sea

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Pakistan Navy tests missile, loitering munitions and unmanned vessel at Arabian Sea

  • The exercise reflects growing focus on air defense and autonomous systems in modern warfare

ISLAMABAD: Pakistan’s navy conducted live firing of a surface-to-air missile, tested loitering munitions and carried out open-sea trials of an unmanned surface vessel during a major exercise in the North Arabian Sea on Saturday, highlighting a growing focus on air defense and unmanned warfare amid evolving regional security dynamics.

The exercise, which demonstrated both conventional and autonomous capabilities, comes at a time when Pakistan is increasingly emphasizing advanced technology and multi-domain operations following last year’s four-day conflict with nuclear-armed India, which reinforced the importance of air defense, surveillance and precision strike systems.

“Pakistan Navy demonstrated its operational readiness and combat preparedness through a comprehensive exercise in the North Arabian Sea, showcasing both conventional and unmanned capabilities, as per dictates of evolving naval warfare,” the Navy’s Directorate General Public Relations said in a statement.

“The exercise included the successful live firing of LY-80(N) Surface to Air Missile (SAM) from Vertical Launching System at extended range, validating the long-range capabilities of Pakistan Navy’s modern air defense systems,” it added. “LY-80(N) SAM successfully engaged and neutralized an aerial target, demonstrating Pakistan Navy’s robust air defense capabilities.”

The statement said the exercise also featured the successful engagement of surface targets using a loitering munition, which it said demonstrated the navy’s precision strike capability.

“Successful open-sea trials of Unmanned Surface Vessel (USV) were also conducted, marking a significant leap in autonomous naval technology,” it continued. “The trials validated the platform’s ability to combine high-speed performance with mission-critical durability.”

Pakistan’s armed forces routinely hold large-scale exercises to enhance operational readiness, but recent drills have placed greater emphasis on emerging technologies, reflecting lessons drawn from modern conflicts.

Key capabilities demonstrated during the exercise included extreme maneuverability, precision navigation and weather resilience.

Chief of the Naval Staff Admiral Naveed Ashraf commended officers and men of the Pakistan Navy for their professionalism and operational competence, reiterating the navy’s resolve to ensure the seaward defense of the country and safeguard its maritime interests.