Pakistan’s reported offer to repay part of its financial obligations to Saudi Arabia with JF-17 Thunder fighter jets has sparked widespread skepticism, highlighting the depth of Islamabad’s economic distress and the limitations of its defence-export ambitions.

According to defence and diplomatic analysts, the proposal reflects Pakistan’s growing struggle to service foreign loans in cash as it grapples with dwindling foreign exchange reserves, high inflation, and repeated IMF bailouts. Rather than a sign of strategic confidence, critics say the move underscores Islamabad’s inability to meet its commitments through conventional financial means.

The JF-17, jointly developed with China, is often projected by Pakistan as a symbol of indigenous military capability. However, the aircraft has faced persistent questions over its combat performance, avionics quality, engine reliability, and limited adoption beyond Pakistan’s own air force and a handful of smaller buyers. Saudi Arabia, which operates advanced US and European fighter platforms, is widely seen as unlikely to view the JF-17 as a meaningful substitute for cash repayment or as a serious addition to its air fleet.

Observers also note that mixing debt repayment with arms transfers blurs financial accountability and raises transparency concerns. “This kind of arrangement looks less like strategic defence cooperation and more like a desperate workaround for a liquidity crunch,” said one regional security expert. “It signals to creditors that Pakistan is running out of options.”

The episode adds to a pattern in which Pakistan has sought non-cash solutions ranging from deferred payments to barter-style proposals to manage its external liabilities. While such tactics may buy short-term breathing space, economists warn they risk further eroding international confidence in Pakistan’s financial credibility.

For Saudi Arabia, a key financial backer of Pakistan, the reported offer is unlikely to change the fundamental equation. Riyadh’s assistance has traditionally been driven by geopolitical considerations and financial leverage, not by the need for mid-tier fighter jets. As Pakistan’s debt pressures mount, the JF-17 proposal may end up reinforcing perceptions of an economy under strain rather than showcasing defence self-reliance. 

This image is taken from Reuters.