Germany urges assistance for Pakistan bailout

Foreign Minister Frank-Walter Steinmeier Tuesday called upon the world community to come forward to avert looming economic collapse in Pakistan, a key ally in the international fight against terrorism, reported dpa.

"We believe that the international community has to do what it can, what is required of it, and that is to express its readiness to stand at the side of Pakistan," he said in a joint press briefing with his Pakistani counterpart Shah Mahmood Qureshi in Islamabad.

Pakistan is facing an economic meltdown, mainly because of the political crisis that ended with former president Pervez Musharraf's resignation in August, and dozens of suicide attacks by Taliban militants around the country, causing foreign investors to flee.

The country's foreign reserves dropped some 75 per cent over the last 12 months from 18 billion dollars to around 4.3 billion dollars.

At the same time, the rupee has weakened by more than 27 per cent against the dollar, the current-account deficit reached a record 14 billion dollars in the year ending June 30, and inflation has risen to over 30 per cent.

Prolonged power outages and skyrocketing electricity tariffs have already triggered countrywide protests in recent weeks, raising fears that the nuclear-armed Muslim nation might fall into chaos, and further complicate the ongoing fight against the Islamic insurgency in Afghanistan.

Islamabad has appealed to the Friends of Pakistan group, which held its first formal meeting during the recent UN General Assembly session in New York, for urgent assistance.

The group, which includes members of the European Union, the United States and China, plans to hold another meeting next month in Abu Dhabi to discuss how to provide financial help to Pakistan to prevent further destabilization.

The Islamic country has also sought International Monetary Fund assistance to avoid default on its external debt payments, but only after it cannot not get much-needed hard cash of between 3.5 and 4.5 billion dollars within the next 15 to 30 days from friendly nations, Finance Minister Shaukat Tareen said last week.

Steinmeier said the country's friends should support when it "comes to Pakistan's negotiations with the IMF."

"It is necessary to provide this assistance not in the next six months or in six weeks, assistance aid has to be given here and now to help Pakistan," Steinmeier added.

He said his country had identified several areas of cooperation, focusing on increased German investment and support in the education sector.

"We are both of this opinion that the Pakistan-German relations need a comprehensive upgrade in all fields - politics, economy, military and culture," Qureshi said.

But a strict IMF programme may require Pakistan to do away with all subsidies, hitting hard especially the poor as well as business activities in general.

The Taliban, who use country's tribal region as springboard to launch cross-border attacks on US-led international forces in Afghanistan, can benefit from a situation where the public rises against the democratically elected government.

Denmark repeatedly increases import of Azerbaijani products
Denmark repeatedly increases import of Azerbaijani products
In Germany, car rams into group of passersby with one person killed, three injured
In Germany, car rams into group of passersby with one person killed, three injured
Facebook gains court backing in document row with EU regulators
Facebook gains court backing in document row with EU regulators
Loading Bars
Latest
Uzbekistan reveals its COVID-19 data for October 30
New fruit processing plant built in Georgia
Human Rights Watch confirms use of cluster munitions by Armenia to attack Barda
Several Azerbaijani districts under fire of Armenian Armed Forces
Latest situation on battlefront on October 30
Azerbaijan expands persimmon export geography
Denmark repeatedly increases import of Azerbaijani products
Azerbaijan's State Service to hold auction for five vehicles
Combat operations continued in direction of Aghdara, Khojavend and Gubadli - MoD
Several items of military equipment of Armenian Armed Forces destroyed - LIST
Every second operation in Azerbaijan carried out contactless - Visa
FM: Boosting cooperation with Iran priority of Afghan foreign policy
President Tokayev addresses International Forum on Northern Economic Cooperation
Turkey reports over 2,300 new COVID-19 patients
S. Korea reports 114 more COVID-19 cases, 26,385 in total
US to sell F-35 fighter jets to UAE, White House tells Congress
In Germany, car rams into group of passersby with one person killed, three injured
Moscow records another 69 coronavirus deaths
WHO registers over 479,000 COVID-19 cases in 24 hours worldwide
Facebook quarterly revenue beats estimates
Numerous sites hit by missiles attack on Azerbaijani Barda were in civilian areas - VICE News reporter (VIDEO)
Innovation Financing component of Georgian GITA supports provision of grants
VICE News highlights use of banned cluster munitions by Armenia to attack Azerbaijani Barda
Forces and equipment Armed Forces of Armenia destroyed (VIDEO)
Azerbaijan to establish embassy in Cuba
Strike on Azerbaijani is tragedy - Chairperson of Migration, Refugees, Displaced Persons Council of PACE
ICRC facilitates handover of combatants bodies killed in action during escalation of Karabakh conflict
Amnesty International verifies use of banned cluster bombs by Armenia to attack Azerbaijani Barda (PHOTO)
Azerbaijan avenges attack on Barda: Armenian units that subjected to fire civilian infrastructure, civilian population destroyed (VIDEO)
GUAM strongly condemns missile attacks on Azerbaijani cities by Armenia
French COJEP issues report on civilian casualties as result of Armenian attacks on densely populated Azerbaijani areas
Nizami Ganjavi International Center discusses renewed fighting between Armenia, Azerbaijan
Georgian Meskhetian Brand Winemaking Company enters new markets
Armenian Armed Forces' attempts to attack prevented in several directions - MoD
Azerbaijan issues statement on handing over bodies of killed servicemen to Armenia
Azerbaijan's MoD notes chaos, mass desertion in Armenian army
Azerbaijan eyes to reduce greenhouse gas emissions in upcoming years
Azerbaijan ratifies agreement on interaction of CIS member states' customs authorities
Azerbaijan reveals volume of tobacco production in Shaki district
UK increases import of Azerbaijani-made products
Georgia to cover utility fees of certain citizens starting from November
Canadian company to be engaged in gold mining in Georgia
Azerbaijani AFB Bank's net profit decreases
EBRD supports Georgian transport sector
No simple solution for Karabakh conflict, says Russian president
Azerbaijan approves law to rename 'Veng' village in Khojavand district into 'Chinarli'
Azerbaijani Prosecutor General's Office updates on woman killed following Armenia's missile fire
Azerbaijan to establish embassy in Cuba
Chairman of Azerbaijani community of Nagorno Karabakh calls on Canadian MP to apologize
Ombudsman of Azerbaijan sends protest letter to UNICEF regarding Armenian provocations
KAZ Minerals metals output on track to exceed full year production guidance
Reports about shelling of Russian border outpost false, says Azerbaijan's MoD
Servicemen of Armenian regiment refuse to take part in Karabakh hostilities
Russia making vigorous efforts to de-escalate Karabakh conflict as soon as possible - MFA
German allocates additional funds to Georgia for fighting COVID-19
Armenian Armed Forces shelling Azerbaijan’s Goranboy, Tartar, Barda
National Bank of Georgia sells funds at foreign exchange auction
World will lose heavily from enmity with Turkey and Azerbaijan, Turkish top official on Trend's 'Baku-Istanbul' teleconference (PHOTO/VIDEO)
Discussions related to durable resolution of Karabakh conflict ongoing constantly - OSCE (Exclusive)
CNPC Drilling Company in Turkmenistan opens tender to buy electric batteries
Number of high-ranking Armenian officials dismissed from their posts within month
One more Azerbaijani civilian killed by Armenian Armed Forces - top official
Azerbaijan sharply increases import of eggs from Georgia
Lebanese human rights defenders condemn Armenian vandalism in Beirut
Armenia once again violates ceasefire agreements - FACTS
Azerbaijan increases tea imports from Georgia
VTB Bank Kazakhstan's parent bank expected to facilitate bank's growth plans for 2020-2021
Azerbaijan appeals to UNICEF regarding Armenia's terror against Barda's civilians
Facebook gains court backing in document row with EU regulators
Commissioning of desalination plant in Kazakhstan's semi-desert zone postponed
Number of debit cards in Azerbaijan continues to grow
Georgia reduces imports of construction materials from Azerbaijan
Azerbaijan reduces import of cigarettes from Georgia
Residents of Barda fully confident in Azerbaijani army - Executive authority
Georgia increases oil import from Azerbaijan
Azerbaijan reveals details of casualties, injuries in Tartar inflicted by Armenian troops
Electricity production using renewable energy sources increases in Kazakhstan
Azerbaijan increases import of passenger cars from Georgia
Kazakhstan decreases imports from Austria
Precious metal prices in Azerbaijan down
Austria interested in further promoting economic co-op with Turkmenistan
People like Vladimir Yevseev call on Armenia to commit war crimes - Israeli expert
Ronaldinho films video message in support of Azerbaijan
Missile-hit area of Azerbaijan's Barda city targeted purposefully - Executive Office
Armenian military-political leadership to be punished soon – Azerbaijani prosecutor general
Kazakhstan, Spain trade down nearly threefold amid COVID-19
Bashkortostan boosts fuel export to Uzbekistan
President Ilham Aliyev calls President Recep Tayyip Erdogan
Azerbaijan confirms 483 more COVID-19 recoveries
Small industrial zone to be created in Uzbekistan’s Tashkent
First Vice-President Mehriban Aliyeva congratulates brotherly people of Turkey on 29 October-Republic Day
Kazakhstan, Austria agree on Action Plan of Kazakhstan-Austrian Business Council for 2021
Armenian leadership shelled Tartar ignoring visit of diplomats - President's aide
Azerbaijani currency rates for Oct. 29
China's premium car buyers drive VW back to profit
Iran reveals its COVID-19 data for October 29
Kraft Heinz third-quarter sales beat estimates
Bahar Azadi gold coin price again rising in Iran
Georgia has record high grape harvest in past 30 years
Int'l journalist sends Letter to Joe Biden in regards to his statement on Karabakh
All news