New Delhi: Islamabad may not need further Indian Monetary Fund (IMF) bailouts in the next six months, according to Pakistan’s Defence Minister Khawaja Asif, as orders for Chinese-origin JF-17 Thunder fighter jets reportedly surge after the May 2025 conflict with India. He suggested that demand for the aircraft has reached record levels and is positioning Pakistan to strengthen its defence exports.
The country is presently tied to a $7 billion IMF programme, its 24th, which followed a short-term $3 billion arrangement that prevented a default in 2023. These loans have strict conditions, including fiscal reforms, subsidy cuts and revenue-generating measures. Previous IMF requirements had forced Pakistan to sell its national carrier Pakistan International Airlines (PIA).
Asif highlighted that the JF-17s had been combat-tested, which has increased their appeal to buyers. Pakistan has recently pursued international defence deals as part of a push to monetise its domestic military industry. The aircraft are central to Islamabad’s weapons development strategy, featuring in a $4 billion arms deal with the Libyan National Army and discussions with Azerbaijan.
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Discussions with Bangladesh are ongoing, and Pakistan is negotiating with Saudi Arabia to convert about $2 billion of Saudi loans into a JF-17 purchase. Analysts say this shows a move by both nations to strengthen military cooperation during financial pressures and changing security alliances in the Middle East.
Retired Air Marshal Amir Masood said Pakistan has engaged with at least six countries to supply fighter jets, electronic systems and weapons packages for the JF-17. He emphasised that the aircraft’s combat experience and cost-effectiveness make it an attractive option for buyers.
Some experts are cautious about Asif’s claims. Political scientist Ayesha Siddiqa said that while the minister expressed confidence, Pakistan is unlikely to generate enough revenue from aircraft sales alone to avoid IMF support.
The JF-17 fleet was deployed during the May 2025 military confrontation with India that witnessed the heaviest clashes between the nuclear-armed neighbours in decades. Post-conflict assessments reportedly showed Pakistan lost six to nine fighter jets, two high-value surveillance aircraft, over 10 armed drones and one C-130 Hercules transport plane during India’s retaliatory Operation Sindoor, which followed the Pahalgam terror attack in Jammu and Kashmir.
Analyses indicate that nearly 20 per cent of Pakistan Air Force infrastructure across 11 airbases suffered extensive damage. This included critical assets like Saab 2000 AWACS and TPS-43J radar systems, impacting operational readiness. Radar tracking and thermal imaging reportedly confirmed the loss of multiple jets.
The JF-17 Thunder is a lightweight and multi-role fighter jointly built by the Pakistan Aeronautical Complex (PAC) and China’s Chengdu Aircraft Corporation (CAC). Production began in the early 2000s under a bilateral agreement. About 58 per cent of the aircraft is manufactured in Pakistan, with the rest produced in China. Islamabad handles the front fuselage, vertical tail and final assembly, while Beijing builds the middle and rear fuselage. Russian engines and British Martin Baker seats are installed in each aircraft.
Unit costs of the JF-17 are estimated between $25 million and $30 million, making it a competitively priced option in the international fighter jet market.