Pakistan PM Shehbaz Sharif admits seeking global financial aid with Army Chief; says ‘we felt ashamed’
Islamabad : In a rare and candid admission, Pakistan Prime Minister Shehbaz Sharif has openly acknowledged that he and the country’s powerful Army Chief General Asim Munir were compelled to travel across the world seeking financial assistance to keep Pakistan’s struggling economy afloat.
Speaking at an interaction with leading Pakistani exporters in Islamabad on Friday night, Sharif revealed the harsh realities faced by his government in managing the country’s deep economic crisis. He admitted that the nation had no option but to depend on loans and external support to stabilize its finances.
Highlighting the current economic condition, Sharif said that Pakistan’s foreign exchange reserves had improved in recent months. “At present, our foreign exchange reserves have almost doubled. But these reserves also include loans from friendly countries. You know very well that when a person goes to ask for loans, his head remains bowed,” he stated.
The Prime Minister further confessed that both he and Army Chief Asim Munir had to make uncomfortable compromises while seeking financial aid. “When Field Marshal Asim Munir and I travelled around the world asking for money, we felt ashamed. Taking loans is a huge burden on our self-respect. Our heads bow in embarrassment. Many of the things they want us to do, we cannot refuse,” Sharif admitted frankly.
These statements underline the fragile state of Pakistan’s economy, which has been battling soaring inflation, massive debt, and a severe balance of payments crisis. His remarks also reflect the significant role the military leadership continues to play in Pakistan’s economic and foreign policy decisions.
Sharif’s comments come at a time when Pakistan is engaged in crucial negotiations with the International Monetary Fund (IMF) for continued financial support. The country is seeking to implement a plan that will stabilize the economy while promoting growth after years of economic mismanagement.
He informed business leaders that his government had directed the State Bank of Pakistan and the Finance Ministry to focus on improving access to capital and supporting industrial expansion. “The central bank governor must listen to business leaders and take bold decisions to revive the economy,” Sharif urged.
Pakistan recently received $1.2 billion from the IMF as part of its ongoing loan programme and a separate climate-related financing package. The funds have helped the country repay debts and marginally rebuild its depleted foreign reserves. However, analysts say Pakistan remains heavily dependent on international bailouts and faces tough economic reforms ahead.
Sharif’s public confession is being seen as an extraordinary moment of honesty from a Pakistani leader, reflecting the depth of the financial crisis and the difficult road that lies ahead for the country.
