ISLAMABAD - In a major development Pakistan Army Chief General Ashfaq Parvez Kayani Tuesday suspended the construction of General Headquarters' new building in Islamabad keeping in view the current financial crisis in the country. "Being cognizant of the financial crunch being faced by the country, the Chief of Army Staff (COAS) has decided to suspend the construction work at the building of new General Headquarters (GHQ)," said an ISPR press release. "The Army shares the nation's quest for economic stability through a spirit of sacrifice," it said. Well-placed sources told TheNation that the move has been prompted after Pakistan sought at least four billion dollars from the International Monetary Fund to avert the threat of bankruptcy. The project to shift GHQ to Islamabad from its present location, the adjoining garrison city of Rawalpindi, was set to cost Rs60 billion ($750m). The project was to be finished in 2012 in three phases and a little over 10 per cent of the work has been done so far. The new multi-million dollars project, launched by the former COAS and president General (Retd) Pervez Musharraf, ran into controversy because of its cost value of prime real estate in Islamabad. The sources also said that the project initially was approved in 1973 by the then government. The project named as Defence Complex of Pakistan was to house Ministry of Defence, Joint Services Headquarter, and General Headquarters. Meanwhile, political sources viewed General Kayani's move to place extra pressure on the government to steer out the country from the prevailing economic crises without further delay. Kayani's announcement follows calls by opposition leaders and experts for rich politicians including President Asif Ali Zardari to bring their money back to Pakistan from foreign accounts. Pakistan is at risk of defaulting on its foreign debts if it does not get help soon from the IMF. Key allies the United States, Saudi Arabia and China have all been unwilling to dole out extra cash. The IMF says Islamabad only has enough foreign currency reserves for about six weeks of imports. It is suffering from inflation of more than 25 percent and the rupee and stock market have crashed since the start of the year.