Pakistan Prime Minister Shehbaz Sharif openly admitted on Friday that he and Army Chief Field Marshal Asim Munir had to travel abroad seeking financial aid, a rare acknowledgment of the country’s economic challenges. Addressing top exporters in Islamabad, Sharif explained the difficult choices his government faced due to Pakistan’s economic crisis. “The current situation is that our foreign exchange reserves have almost doubled, but these include loans from our friends and countries… And you know, the one who takes a loan bows his head,” he said.
Sharif Admits Global Loan Shame
Sharif described the embarrassment of seeking help. “We feel ashamed when Field Marshal Asim Munir and I go around the world begging for money. Taking loans is a huge burden on our self-respect. We cannot say no to many demands,” he added. The remarks come as Pakistan continues discussions with the International Monetary Fund (IMF) on a growth-support plan, following strict economic policies aimed at stabilising the country. Pakistan recently received $1.2 billion from the IMF through its ongoing loan program and a separate climate-related funding scheme, which helped repay debt and rebuild foreign reserves.
Reserves Soar, Focus Shifts Jobs
The central bank now forecasts reserves crossing $20 billion by December. Sharif said the government has tasked the central bank and finance ministry with improving access to capital to support industrial growth. “The governor must listen to business leaders and take bold decisions,” he noted. Finance Minister Muhammad Aurangzeb’s team has reportedly made a strong case to the IMF, emphasizing that Pakistan has achieved stability and must now focus on employment generation and poverty reduction.
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