Pakistan prime minister Shehbaz Sharif

Pakistan prime minister Shehbaz Sharif revealed the personal and national toll of Islamabad’s ongoing debt crisis. Sharif admitted that both he and field marshal Asim Munir (the Army Chief) were forced to “quietly” solicit billions in loans from friendly nations to bridge the country’s external financing gap.Addressing a gathering of businessmen and exporters, Sharif thanked friendly countries for their support while acknowledging the compromises involved. “We requested friendly countries to grant us loans, and they did not let us down,” he said, as quoted by Pakistani newspaper The Express Tribune.“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 added.

Sharif said that seeking money from other countries required complying with their unjustifiable demands. “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 said.The prime minister noted that China was foremost among the countries that assisted Pakistan.This is not the first time the premier has expressed discomfort over seeking loans. In January 2023, he said it embarrassed him to ask for further loans, despite acknowledging Saudi Arabia’s financial support. He has repeatedly stressed the need for Pakistan to achieve self-sufficiency and reduce dependence on IMF programmes.Over the years, Pakistan has frequently turned to the IMF for financial support, with assistance linked to strict conditions such as fiscal reforms, subsidy cuts, and revenue-enhancing measures. In September 2024, the IMF approved a $7 billion bailout for Pakistan under its Extended Fund Facility (EFF), followed by a $1.4 billion loan under its climate resilience fund in May 2025, aimed at strengthening economic stability and climate resilience.