Pakistan’s Prime Minister Shehbaz Sharif has openly admitted that he and the country’s Army Chief, Field Marshal Asim Munir, had to travel to nations to ask for financial help.
The rare confession came during his address to top Pakistani exporters in Islamabad on Friday night, where he spoke about the choices his government had to make because of the country’s economy.
Stating that the condition of Pakistan’s foreign reserves had improved, Sharif said, “The current situation is that the reserves of the foreign exchange have almost doubled. But the loans of our friends and countries are included… But you know that the one who goes to take a loan, his head is bowed.”
Shehbaz elaborated how embarrassingly he and Asim Munir have had to compromise to seek help desperately.
“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…,” Shehbaz said.
Pakistan’s Prime Minister Shehbaz Sharif has openly admitted that he and the country’s Army Chief, Field Marshal Asim Munir, had to travel to nations to ask for financial help.
The rare confession came during his address to top Pakistani exporters in Islamabad on Friday night, where he spoke about the choices his government had to make because of the country’s economy.
Stating that the condition of Pakistan’s foreign reserves had improved, Sharif said, “The current situation is that the reserves of the foreign exchange have almost doubled. But the loans of our friends and countries are included… But you know that the one who goes to take a loan, his head is bowed.”
Shehbaz elaborated how embarrassingly he and Asim Munir have had to compromise to seek help desperately.
“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…,” Shehbaz said.
He said his government has directed the central bank and the finance ministry to support industrial growth by improving access to capital. “The governor has to listen to business leaders and take bold decisions,” Sharif said on Friday.
Pakistan recently received $1.2 billion from the IMF as part of its ongoing loan programme and a separate climate-related financing plan. This funding has helped Pakistan repay debt and build up its foreign reserves.
The central bank predicted this week that by December its foreign reserves will cross $20 billion – a record. However, the program requires Pakistan to maintain a tight monetary policy and restrain spending.
State bank of Pakistan, the central bank, this week unexpectedly kept its key rate steady at 10.5%, citing concerns inflation may pick up while forecasting GDP will expand 3.75%-4.75% in the fiscal year to June
Sharif also said his team, led by Finance Minister Muhammad Aurangzeb, had presented a strong case to the IMF. “I have told them that we have achieved stability and now we have to generate employment and reduce poverty,” he said.
