World Watch
Loan Humiliation : “How should I tell the way we requested friendly countries for loans? The friendly countries didn’t disappoint us. But the one who goes to seek a loan, his head is bowed down.” – Shehbaz Sharif, Pakistan Prime Minister
Sharif said friendly countries had fully supported Pakistan during difficult times and that, together with the Chief of Army Staff and Chief of Defence Forces, Field Marshal Asim Munir, he had met leaders of several countries to seek loans worth billions of dollars.
Picture Credit : @CMShehbaz/X
Seeking foreign loan had forced Pakistan to ‘bow’ its head and make compromises at the ‘cost of self-respect’, Prime Minister Shehbaz Sharif has said in a candid admission about the humiliation involved in approaching ‘friendly countries’ for financial aid.
According to PTI report, Addressing a ceremony held in honour of the country’s eminent businessmen and exporters Islamabad , Sharif recalled the difficult period when Pakistan faced fears of bankruptcy and was described by some as being on the verge of technical default.
“When we assumed office, the economic situation was extremely fragile, and the common man faced severe hardships,” he said.
The prime minister referred to his meeting with the Managing Director of the International Monetary Fund (IMF) in Paris in 2023, after which the global lender approved an economic programme that helped stabilise the country’s economy.
Sharif said friendly countries had fully supported Pakistan during difficult times and that, together with the Chief of Army Staff and Chief of Defence Forces, Field Marshal Asim Munir, he had met leaders of several countries to seek loans worth billions of dollars.
However, he said, “How should I tell the way we requested friendly countries for loans? The friendly countries didn’t disappoint us. But the one who goes to seek a loan, his head is bowed down.”