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Islamabad. Pakistan Prime Minister Shahbaz Sharif said that while asking for loan from friendly countries, Pakistan had to face humiliating situation. He said that due to compulsion of taking loan, Pakistan had to bow its head. Also, it had to compromise at the cost of self-respect. While addressing a function organized in Islamabad on Friday in honor of the country’s eminent businessmen and exporters, Sharif recalled the difficult period when Pakistan had to face the fear of bankruptcy and some people were saying that Pakistan was on the verge of technical failure.

He said that when he assumed office, the economic situation was extremely fragile and the common man was facing severe hardships. The Prime Minister recalled his meeting with the Managing Director of the International Monetary Fund in Paris in 2023, after which the global lender approved an economic program that helped stabilize the country’s economy. Sharif said that friendly countries have fully supported Pakistan during difficult times and that he, along with Army Chief and Chief of Defence Staff Field Marshal Asim Munir, met leaders of several countries to seek loans worth billions of dollars.

Pakistan relies heavily on financial assistance from several countries, including China, Saudi Arabia, the United Arab Emirates (UAE), and Qatar, to manage its foreign exchange reserves and debt. These countries, along with the International Monetary Fund, provide regular loans
and repayments to cash-strapped Pakistan. During the event, the Prime Minister announced relief measures for industries.

Pakistan’s Prime Minister Shahbaz Sharif said, “How can I explain how we requested friendly countries
for loans? Friendly countries did not disappoint us, but whoever goes to ask for a loan has his head bowed down. Loans also create obligations, which have to be fulfilled.” He said, “When you go to take a loan, you have to pay the price of your self-respect. You have to compromise. Sometimes, unreasonable demands may come up and you may have to fulfill them, even if there is no reason to fulfill them.”