Pakistan Prime Minister admits loan dependence ‘hurts Pakistan's self-respect’

Pakistan Prime Minister Shehbaz Sharif has openly expressed frustration over the country's growing dependence on foreign loans, admitting that repeatedly seeking financial assistance
Pakistan Prime Minister
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Islamabad: Pakistan Prime Minister Shehbaz Sharif has openly expressed frustration over the country's growing dependence on foreign loans, admitting that repeatedly seeking financial assistance has become a blow to national self-respect and a source of embarrassment for both civilian and military leadership.

Addressing leading exporters and business figures at an event in Islamabad, Sharif said Pakistan's reliance on borrowing has eroded its dignity and constrained policy independence. "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," he said, according to local broadcaster A1tv, adding that Pakistan often cannot refuse conditions imposed by lenders.

The remarks come as Pakistan continues negotiations with the International Monetary Fund while seeking debt rollovers from friendly nations to avoid default. Sharif praised China, Saudi Arabia, the UAE and Qatar for standing by Pakistan in difficult times, calling China an "all-weather friend."

China has rolled over billions of dollars in deposits, with around $4 billion expected in 2024-25, while investments under the China-Pakistan Economic Corridor (CPEC) have exceeded $60 billion. Saudi Arabia recently extended a $3 billion deposit and provided deferred oil payments worth about $1.2 billion. The UAE has rolled over a $2 billion loan and pledged major investments, while Qatar has committed to $3 billion in sectors such as aviation and hospitality and remains a key LNG supplier. (ANI)

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