Pakistan's Defence Minister, Khawaja Asif, had said that Islamabad's success in boosting defence sales has the potential to eliminate the need for IMF assistance “within six months.” It now appears he was not shooting in the dark after all, as the latest reports claim that Saudi Arabia is open to equipping the Royal Saudi Air Force with JF-17 Block III aircraft in exchange for the billions of dollars that Pakistan owes the Kingdom’s coffers.
As of December 2024, Saudi Arabia remained Pakistan's second-largest bilateral lender with about $9.16 billion, a World Bank report showed. According to a new report, the proposal to convert Saudi Arabia's loan into direct aircraft delivery reduces short-term debt service obligations while maintaining industrial output at the Pakistan Aeronautical Complex—a key pillar of Islamabad's defence export ambitions. This is in line with Khawaja Asif's statements on the strategic role of arms exports.
Although Pakistan reportedly entered negotiations involving its prized fighter jets under continued fiscal pressure, the situation has the potential to become a win-win scenario for both sides. As mentioned earlier, the industrial output at the Pakistan Aeronautical Complex will be flawless if the deal is agreed, alongside solidifying defence manufacture as a decisive contributor to Pakistan's economic growth.
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As far as Saudi Arabia is concerned, purchasing JF-17 Block IIIs, which are available for $25–30 million per piece, is a great addition to a fleet dominated by Western models. The total package—including training, spare parts, maintenance infrastructure, and advanced weaponry (such as the PL-15E long-range missile)—will still be cheaper compared to the life-cycle costs of Western fourth-generation fighter aircraft, Defence Security Asia said in a report. "Saudi Arabia's roughly $2 billion loan against the delivery of JF-17 Block III aircraft, with Pakistani officials stating that the overall value of the package could potentially rise to $4 billion when weapons, training, simulators, spare parts, ground support equipment, and long-term maintenance are included," it said.
Amidst unstable oil revenue, more Middle Eastern states may start looking at alternatives for Western fighter planes, and this could help a financially drained Pakistan, which is in neck-deep trouble after relying on multilateral aid, the report added.
Recently, Pakistan secured a $4 billion military hardware deal with Libya, which also included JF-17 fighter jets. Bangladesh is also said to be in the final stages of sealing a deal for the aircraft, which was reportedly included in the Pakistan Air Force's (PAF) retaliatory efforts against India's 'Operation Sindoor'.
What are Pakistan's JF-17 fighter jets?
The JF-17Cs are developed jointly by the Pakistan Aeronautical Complex (PAC) and the Chengdu Aircraft Corporation (CAC) from China. Capable of reaching speeds of around 1,909 km/h, this versatile combat jet can typically carry a total payload of 3,400 kg.
JF-17 Thunder Block IIIs are powered by the Russian RD-93 turbofan engine, which supports a top speed of Mach 1.6, a combat radius of approximately 1,200 kilometres, and a service ceiling of 50,000 feet, Defence Security Asia said in a report.
Its weapons capabilities include the long-range PL-15 air-to-air missile, with an estimated range surpassing 200 kilometres, it added. This is said to match the Rafale's Meteor and the Su-30MKI's R-77M systems.