Okay, i'm gonna try to string this up from the reverse: not "what do i have, what do i need", but "what do i need, what do i have, how can i improve on that". Any pre-existing equipment not mentioned below is deprecated; sold, scrapped or cannibalized.
The North:
Vast steppes. A potentially hostile situation with a neighbor. Comparably low population density, and mobile insurgent forces in the area. What we need here is a highly mobile ground force, with effective air recon and support forces. Something that can patrol a large territory, but can also respond to certain limits to enemy incursions or localized hostile strongholds and attacks (of rebels). I'd propose stationing several regiments/brigades worth here, mostly fast wheeled vehicles for transport, but with some limited mobile heavy firepower component. These would initially use the BRDM-2 (or BTR-40) and the Type 62 light tanks primarily for armored vehicles, and would maybe have a mechanized infantry unit with Type 63 APC as well for now. Additional units would use light trucks with machine guns. Airborne direct support for these units would be established by distributing regiments with An-2 aircraft, and one Mi-8 transport squadron in the area. ATGM and MANPADs would be organic for these units.
The Central Area:
Tropical Forest. Insurgents. No hostile neighbor in the area, and the terrain wouldn't be prone to a fast-grab action by an enemy anyway. Small units. Mobility. Establish only a handful of strongpoints in this area, focused around airfields. An-2 and Mi-8 units for transport/support, otherwise mostly infantry in trucks, as well as light artillery units (D-30 or Type-86) and maybe a single T-55 or Type-59 bataillon.
The South:
Hills, rivers, moderate terrain with forests. High population density. Classic armor / mechanized infantry approach with T-55/Type-59 and BMP-1 stationed around here, but able to deploy to the north and east (built strategic roads through the forests). Maybe one mobile unit as above for the Steppes, as well as a handful light armor bataillons with PT-76. Artillery units organic to the above units. Organic MANPADs and ATGM units.
That's the primary territorial forces. With me so far? Now, what else do we need... Oh yeah, SAR. Those 8 Super Pumas sound nice for that,
maybe backed up with a few recon aircraft.
Airforce: For now, keep the MiG-21, Mirage 5, J-7, An-26, Lear Jets, most of the L-39 and a few Zlin. Helos as stated above.
Navy: Keep at least half of the Shanghai-II, and maybe a handful Huangfeng and OSA-I, depending on condition, as well as the CSS-N-5 missiles. Rip the SS-N-2C out of the Huangfeng and OSAs, we won't need them anyway and i doubt they're usable. Use primarily for EEZ patrol and anti-insurgent operations along the coast.
So, now we have consolidated a halfway decent force out of our existing inventory, let's work on improving that. Let's identify the problems most needed to be addressed:
Priority 1:
a) - a new light aircraft, for recon/patrol/light-support duties, and training.
b) - upgrading fighter squadrons
c) - addressing new army light vehicles
Priority 2:
a) - High-sea capable ships for the Navy
b) - obtaining a high-endurance recon capability (drones)
c) - obtaining a limited medium-range air-defence capability
d) - establishing a surveillance / air-defence network
Priority 3:
a) - addressing new army heavy vehicles
b) - modernizing artillery
now, for the attempt at solving this. numbers as above.
1a) - we have four squadrons; a need for at least 40-50 aircraft. trying to get the 47 Czech L-159 (for cheap) would be perfect for this. Add some 10-15 Pilatus PC-9 for training.
1b) - six squadrons established, very mixed outfit, all comparably outdated. tough one, cuz this will be pricy. Buy Russian, some 50 used Su-27 or so, replacing your MiG-21 and J-7. Keep the Mirage 5 in service.
1c) - we want better relations with France, right? Second-hand P4, ACMAT/VLRA and GBC-180, in all kinds of variants. Several thousand in total.
2a) - France is getting rid of its Avisos. Buy 5-6 of them, cheap. Remove Exocet, torpedoes and ASW RL. Try to obtain a decent light missile suite for these, maybe Israeli (Barak, Gabriel). Ships should still have enough life in em for some 15-20 years of EEZ patrol duty. In addition to these, obtain two larger frigates, second-hand. Maybe two British Type 22 Batch 3, though this would have to wait until way down the line. Maybe as a prestige buy right before my 5 years are up, or a "future project" for the next 5-year plan.
2b) - Used German or French CL-289 drones. Should be enough, and cheap. Israel and Pakistan might also have good alternatives.
2c) - Germany still has a few dozen I-Hawk systems stored somewhere. Try to get them to donate these to you. French Rolands might also fly, especially older units on AMX-30 hulls.
2d) - Same as 2c)
3a) - Mmmm. Buy up half the French reserve stock of old AMX-30B2 if possible. That would be about 200. Add several hundred South African iKlwa APC/IFV in various configurations, as long as they're cheap. Have Israel upgrade your BMP-1 similarly to the Romanian MLI-84M. Get the Chinese to give you a minor upgrade on the Type-59, and try to find 105mm NATO guns for them (Ukraine?). Modify most T-55 hulls as engineering vehicles and similar.
3b) - Used FH-77 howitzers to upgrade my towed artillery capability severely, backed up with modified South African T-6 155mm turrets on some of my crappy T-55 hulls. Grabbing used German LARS 110mm rocket launchers might also be an additional option.
[4) - replacement of at least half the An-2 with helos might be an issue in the long term, but definitely not for the next few years]
[5) - ATGM and MANPADs would be an issue in the medium term as well. Go for Mistral, Milan 2 and HOT if the French offer]
[6) - support helos: deal might open up with used German Bo-105, or French Gazelles within a few years. whether you should pick these up would be heavily depended on condition of the aircraft. same might go with e.g. C-160 transports, Breguet Atlantique MPAs, or additional Mi-8]