In a rare and sobering admission of national struggle, Pakistan’s Prime Minister Shehbaz Sharif stated on Friday that it is a matter of profound "shame" that the country must repeatedly seek financial aid from foreign nations and international bodies to survive.
Addressing a high-level gathering of exporters and business leaders in Islamabad, the Prime Minister did not mince words regarding the nation’s dwindling economic sovereignty. He confessed that seeking loans has forced the country into a cycle of "bowed heads" and compromised self-respect.
"We Feel Ashamed": The PM’s Candid Confession
Reflecting on his recent diplomatic missions alongside the Army Chief, Field Marshal Asim Munir, to secure financial lifelines, Sharif highlighted the emotional and political toll of the debt crisis.
"We feel ashamed when Field Marshal Asim Munir and I go around the world begging for money," Sharif admitted. "Taking loans is a huge burden on our self-respect. We cannot say 'no' to many conditions imposed upon us, even when they are not in our best interest." LG Smart Choice, 380 L, 3 Star, Frost-Free Smart Inverter Double Door Refrigerator (GL-S412SPZX, Shiny Steel, Convertible with Express Freeze)
A Nation in a Debt Trap
The Prime Minister’s remarks come at a time when Pakistan remains heavily reliant on the International Monetary Fund (IMF) and "friendly nations" like China, Saudi Arabia, and the UAE. Despite recent stabilization efforts, the structural fragility of the economy remains a concern:
Soaring Inflation: While the government reports a cooling of hyper-inflation to roughly 5.6% in early 2026, the common man continues to reel from the cumulative impact of high electricity tariffs and fuel costs.
The Debt Clock: As of early 2026, Pakistan’s total public debt hovers in the range of 70-80% of its GDP, with billions required annually just to service existing loans.
IMF 2025-26 Outlook: The IMF recently projected a GDP growth of 3.2% for the current fiscal year, a figure that experts say is insufficient to tackle the rising poverty rates, which have surged toward 45% in recent years.
The "Price" of Borrowing
The Prime Minister acknowledged that the country’s "geopolitical rent" its ability to leverage its location for cash has evaporated. Borrowing now comes with "undue demands" and strict structural reforms that often lead to public outery but are mandatory to avoid a total sovereign default.
"When you go seeking loans, you have to pay the price at the cost of your self-respect," Sharif added, urging the business community to boost exports as the only viable alternative to the "begging bowl."
Looking Ahead
While the government has secured debt rollovers and IMF tranches for 2026, the Prime Minister’s statement serves as a stark reminder that liquidity is not solvency. Without a radical shift toward an export-oriented economy, the "cycle of shame" is likely to continue. Also Read: Hubballi Skies to Glow: International Kite Festival 2026 Set for February 7-8