'Burden of wishes': PM Shehbaz talks hits to 'self-esteem' in asking allied nations for loans

Says he and Field Marshal Asim Munir quietly went to many countries for loans in order to secure IMF deal

Prime Minister Shehbaz Sharif on Friday mentioned that compromises needed to be made and self-repute was harmed when Pakistan went to allied nations for loans during moments of financial crisis. 

Addressing a gathering of businessmen and exporters, the prime minister said, “We requested friendly countries to grant us loans, and they did not let us down.”

He noted that when countries soughtk loans, they were often required to fulfil certain unjustified demands.

“You know that when countries go to seek loans, their heads are bowed, and you are well aware of the obligations linked to loans. I want to state frankly that the field marshal and I quietly visited many countries and requested them to provide loans worth billions of dollars to help secure the IMF (International Monetary Fund) programme and reduce the external financing gap,” he said.

The prime minister thanked friendly countries for helping Pakistan in its time of need but also acknowledged the compromises involved in obtaining loans.

“I am thankful to those friendly countries who hosted us. However, you know that when one seeks money from others, a price has to be paid in the form of lowered self-esteem. Compromises have to be made. One has to bear the burden of the wishes of those who grant loans, despite the fact that there is often no justification for implementing such demands,” he added.

The premier said that China was foremost among the countries that had come to Pakistan's aid.

It is not the first time that the prime minister has expressed embarrassment for seeking loans.

In January 2023, he had said said that it really embarrassed him to ask for further loans as he had lauded the Kingdom of Saudi Arabia for its financial support.

The premier has repeatedly stressed on the need for Pakistan to exit its programmes with the IMF and to achieve self sufficiency without dependence on loans.