Pakistan has become the first country to formally sign a massive trade agreement with Russia, which comes at a time when Moscow is under fire for invading Ukraine. Pakistan would purchase two million tonnes of wheat and natural gas from Russia as part of the arrangement.
Will this have an influence on Pakistan's International Monetary Fund (IMF) assistance? Not only have the United States and the European Union imposed harsh penalties on Russia, but the World Bank and the International Monetary Fund have also released a joint statement criticising Moscow and offering to assist Ukraine and other nations that have welcomed Ukrainian refugees.
Pakistan is now requesting a bailout package from the IMF, which has approved a $1 billion payout under its $6 billion credit programme. The Imran Khan government, on the other hand, is frantically seeking a larger loan from the IMF to help the country's ailing economy.
Pakistan's need on IMF assistance has increased in recent years as the country's external debt has grown. Islamabad's gross foreign funding needs are expected to be over $30 billion this year.
As the Russia-Ukraine situation worsened, the IMF and World Bank issued a joint statement calling for coordinated international action to limit risks and navigate the perilous period ahead.
The visit of Pakistani Prime Minister Imran Khan to Russia on the day of the Ukraine attack has already drawn criticism. On February 24, Khan met with Russian President Vladimir Putin to discuss measures to strengthen bilateral ties.
US condemned Russia by not ruling out Ukraine's membership in NATO
Kiev, Moscow reach agreement on humanitarian corridors in Ukraine
