Islamabad: Pakistan’s precarious economic situation has once again come to the forefront. This time, the revelation didn’t come from a report or opposition allegations, but from Prime Minister Shehbaz Sharif himself.
Addressing leading exporters in Islamabad, the Prime Minister admitted that seeking foreign loans is a deeply painful experience for him personally and for the nation.
“We feel ashamed when asking for help”
Prime Minister Shehbaz Sharif stated unequivocally that it deeply hurts his self-respect and that of Army Chief Field Marshal Asim Munir when they have to travel to different countries around the world to appeal for financial assistance.
He said that relying on loans is not easy for any self-respecting nation, and such occasions make one hang their head in shame.
A decades-old problem, still persisting
The Prime Minister acknowledged that Pakistani governments have been running the country on borrowed money for a long time. He also implicitly admitted that this is not just a result of the current government’s policies, but of policies spanning several decades. Every new loan further exposes the country’s economic weakness.
Trying to recover with IMF support
This statement comes at a time when Pakistan is negotiating with the International Monetary Fund (IMF) regarding its future economic plan. Pakistan recently received $1.2 billion from the IMF, providing some relief for debt repayment and foreign exchange reserves. The government claims that foreign exchange reserves could reach $20 billion in the coming period.
Promise to support industries
The Prime Minister stated that the government has instructed the central bank and the finance ministry to facilitate access to capital for industries. He said that economic recovery is possible not just through loans, but through increased production, exports, and strengthening the private sector.
He also appealed to the central bank governor to listen to the concerns of the industrial sector and take bold decisions.
The question still remains
The Prime Minister’s candid statement has once again raised the question of why Pakistan repeatedly falls into a debt trap. Whether the path to economic self-reliance will remain limited to mere promises, or whether concrete changes will be seen in the coming years—the answer will depend on future decisions.
