The Chinese President’s visit to Saudi Arabia last week is a significant development on the landscape of geopolitics as not only Saudi Arabia, but also the other Arab countries show a clear inclination toward China. The fact that Saudi Arabia and China have signed more than 35 MOUs and agreements shows how important China is in the multipolar world.
The autonomy and regional stability of Saudi Arabia, particularly Saudi Arabia’s defense, are among the key priorities of the comprehensive and enduring accord. The world’s landscape has changed as a result of this multinational agreement. The United States has long been known as Saudi Arabia’s defense guarantor, but thanks to this agreement, China will not only play a significant role in Saudi Arabia but in all Arab countries.
It is no secret that China has already extended its economic influence into over 100 countries as part of the Belt and Road Initiative, and Saudi Arabia has also made it known that it is doing the same as part of its Vision 2030. The Belt and Road Initiative will incorporate China’s plans, which means that Saudi Arabia and other Arab countries will gradually build their commercial, political, and defense interests in East Asia as opposed to Europe.
Amid the shifting geopolitical landscape, it will be quite unfortunate for Pakistan if it can’t salvage its flagging economy with the aid of China and Gulf countries. Pakistan is of strategic importance to China because Pakistan’s CPEC can benefit China’s Belt and Road Initiative due to its geography.
Protecting its marine routes, particularly those that serve its oil industry, is currently China’s top priority. The military agreements between the United States, Australia, Great Britain, and other countries have made these exposed sea routes increasingly risky.
By blocking off trade from sea routes, America may suffocate the Chinese economy if it so chooses. Pakistan can gain on this geopolitical chess board by offering China alternate sea lanes in exchange for 20 to 25 billion dollars. While this sum is undoubtedly insignificant to China, it may mean the difference between Pakistan’s economic survival and oblivion.
Pakistan must protect itself from the economic collapse up to the moment that economic aid from China or the Gulf countries arrives. Unfortunately, most of our politicians and leaders are unaware of how bad the situation is; if they do not sign the ‘Charter of Economy’ immediately, I fear that the country will go into default.
The State Bank of Pakistan reports that at present time, Pakistani banks have only 5.8 billion dollars in foreign exchange reserves, and the Central Bank has only 6.7 billion dollars, which indicates how precarious the situation is in recent weeks.
We only have enough money in our foreign exchange reserves to cover one month’s worth of imports. We are definitely in uncharted waters. The government of Pakistan has imposed numerous restrictions on dollar transactions to restrict the outflows of dollars. As a result, it is becoming difficult for Pakistanis to travel abroad. Turkish Airlines among other airlines have already stopped providing air travel to Pakistanis which complicates things further for international travel from Pakistan.
Petroleum items will become scarce on the market in the coming days if we don’t move toward a “Charter of economy.” Along with the electricity crisis, there will be an oil shortage on the market, which will cause many problems.
Politicians have played enough politics, but what is surprising is that those who play the game are well aware of the situation, but still things are rapidly heading in the direction of hopelessness.
Things will reach a point of no return if the politicians don’t wake up soon. These politicians will take off for their opulent estates abroad, but the 99% of the population will have to deal with a never-ending chain of problems.
Translated by: M.M. News Editorial Team
