Kamal Ghorui
Pakistan prime minister Shehbaz Sharif revealed that both he and field marshal Asim Munir were forced to ‘beg’ billions in loans from friendly nations to bridge the country’s external financing gap.Speaking to leading exporters and business leaders at an event in Islamabad, Sharif said Pakistan’s growing dependence on foreign loans is humiliating and often forces officials to agree to unjustifiable demands.“We feel ashamed when Field Marshal Asim Munir and I go around the world begging for money,” he said, reported ANI citing local news.
“Taking loans is a huge burden on our self-respect. Our heads bow down in shame. We cannot say NO to many things they want us to do,” Sharif added.Sharif praised Pakistan’s key allies—China, Saudi Arabia, the United Arab Emirates, and Qatar—for standing by Islamabad through difficult times, calling China the country’s “all-weather friend.”This is not the first time the premier has expressed discomfort over seeking loans. In January 2023, he said it embarrassed him to ask for further loans, despite acknowledging Saudi Arabia’s financial support. He has repeatedly stressed the need for Pakistan to achieve self-sufficiency and reduce dependence on IMF programmes.Notably, Pakistan is currently facing a severe debt crisis, with total public debt exceeding Rs 76,000 billion as of March 2025, nearly doubling in just four years. The nation relies heavily on IMF bailouts and loans from China–particularly for China-Pakistan Economic Corridor (CPEC) projects–to manage debt servicing and avoid default.In September 2024, the IMF approved a $7 billion bailout for Pakistan under its Extended Fund Facility (EFF), followed by a $1.4 billion loan under its climate resilience fund in May 2025, aimed at strengthening economic stability and climate resilience.
