India was supported by China and Russia as it blocked Pakistan from enter the BRICS outreach event, which is a grouping of fast-developing, emerging economies.
The BRICS outreach event included Algeria, Argentina, Cambodia, Egypt, Ethiopia, Fiji, Indonesia, Iran, Kazakhstan, Senegal, Uzbekistan, Malaysia, and Thailand besides the BRICS member nations – Brazil, Russia, India, China and South Africa. Pakistan attempted to join the event but was denied by India.
Pakistan’s ‘all-weather ally’ China and Russia agreed with India and the consensus was that Pakistan does not qualify as an emerging economy.
“We have noted that this year a ‘High-level Dialogue on Global Development’ was held as a BRICS side event in which a number of developing and emerging economies were invited… Regrettably, one member (of BRICS) blocked Pakistan’s participation,” a statement by Pakistan’s Foreign Office said.
In a reply, Chinese foreign ministry spokesperson Zhao Lijian said the decision to hold the high-level dialogue was “based on consultation among BRICS countries,” but did not elaborate. The slow pace of reforms initiated by Pakistan with regard to China-Pakistan Economic Corridor (CPEC)seems to have irked China.
Pakistan’s economy is in doldrums and it is engaging in talks with the International Monetary Fund (IMF) for a bailout package that could be close to $6-billon. Having left with less than six weeks of cover for imports, Pakistan’s forex reserves are fast running out.
According to PTI, three days ago, China rushed to bail out Pakistan by providing USD 2.5 billion in assistance to prop up the fast-depleting foreign exchange reserves of its cash-strapped all-weather ally, months after it rolled over a USD 4.5 billion loan due to be paid this year.
