‘We Feel Ashamed Begging for Loans’: Pakistan PM Shehbaz Sharif’s Blunt Admission

Pakistan Prime Minister Shehbaz Sharif has openly expressed discomfort and frustration over his country’s heavy dependence on foreign loans, saying repeated appeals for financial aid have become a matter of shame and have hurt Pakistan’s self-respect.

Addressing leading exporters and business figures at an event in Islamabad, Sharif said seeking loans from abroad has left the country with little dignity. He also said that even senior leadership, including Army Chief Asim Munir, feels embarrassed while travelling overseas in search of funds.

“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. Our heads bow down in shame. We cannot say no to many things they want us to do,” Sharif was quoted as saying by local media.

The Prime Minister’s remarks come as Pakistan struggles with a deep economic crisis and continues negotiations for support from the International Monetary Fund, along with debt rollovers from friendly countries.

Sharif thanked Pakistan’s “all-weather friends”, especially China, Saudi Arabia, United Arab Emirates, and Qatar, for standing by Islamabad during difficult times. These countries have extended deposits, loans and investment assurances to help Pakistan manage its foreign exchange crisis and avoid default.

China has rolled over billions of dollars in deposits and remains central to Pakistan’s economy through the China-Pakistan Economic Corridor, which involves large infrastructure and energy investments. Saudi Arabia and the UAE have also provided financial support and promised future investments, while Qatar remains a key energy supplier.

Sharif also voiced concern over rising poverty and unemployment in the country, admitting that Pakistan has failed to invest adequately in research, innovation and new industries. He said economic growth remains limited, while job opportunities for young people are shrinking.

Pakistan is currently facing a severe social and economic crisis, with poverty levels estimated to have risen sharply in recent years due to inflation, floods and economic instability. Unemployment has also increased, with millions out of work, while exports remain largely dependent on textiles.

The Prime Minister’s candid remarks are being seen as a rare public admission of Pakistan’s long-standing economic vulnerability, as it continues to rely on external financial lifelines to stay afloat.

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