'Feel ashamed': Pakistan PM admits seeking financial help from world
What's the story
Pakistan's Prime Minister Shehbaz Sharif has admitted to seeking financial help from other countries, calling it a source of national embarrassment. Speaking at an event on Friday in Islamabad, he said both he and Army Chief Asim Munir feel "ashamed" when they have to ask for money. "Taking loans is a huge burden on our self-respect. Our heads bow down in shame," Sharif said during his address to exporters and business leaders.
Economic stabilization
Munir, military's role in economic stabilization
Sharif also credited Munir and the military for stabilizing Pakistan's economy, especially in tackling petrol smuggling and stabilizing the sugar industry. He called their efforts a "one-hundred-per-cent role" in economic stabilization. The PM described the civilian-military relationship as a "partnership." Munir was promoted last year to Field Marshal and Pakistan's first Chief of Defence Forces, giving him control over all military branches and the nuclear command.
Economic challenges
Sharif praises 'all-weather' partners for financial support
Pakistan is grappling with a heavy debt burden, rising poverty, and high unemployment. According to estimates quoted by Moneycontrol, nearly 45% of the population lives below the poverty line, up from 21.9% in 2018. Extreme poverty has also risen to 16.5%. Unemployment stands at around 7.1%, leaving over eight million people jobless. Despite these challenges, Sharif praised "all-weather" partners like China, Saudi Arabia, the UAE, and Qatar for their financial support to Pakistan.
Loan dependence
On IMF program and alternative strategies
Sharif lamented the lack of development in research, innovation, and domestic industries. Pakistan is now on its 23rd International Monetary Fund (IMF) program, with critics arguing that without major reforms, loans only pay off interest on previous debts. Pakistan recently received $1.2 billion from the IMF as part of its ongoing loan programme and a separate climate-related financing plan. Pakistan's central bank has forecast that its GDP will expand 3.75%-4.75% in the fiscal year to June, NDTV reported.