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 (Army Chief) were forced to “quietly” seek loans worth billions from friendly countries to bridge the country’s external financing gap.Addressing a gathering of traders and exporters, Sharif acknowledged the agreements involved and thanked the friendly countries for their support. “We requested friendly countries to give us loans and they did not let us down,” he was quoted as saying by Pakistani newspaper The Express Tribune.“You know that when countries go to ask for loans, their heads bow, and you are also well aware of the obligations attached to the loan. “I want to state clearly that the Field Marshal and I quietly visited several countries and requested them to secure the IMF (International Monetary Fund) program and provide billions of dollars of loans to help bridge the external financing gap,” he said.
Sharif said that in order to ask for money from other countries, it is necessary to meet their unreasonable demands. He said, “I am grateful to the friendly countries that hosted us. However, you know that when one demands money from others, there is a price to be paid in the form of low self-esteem. Compromises have to be made. One has to bear the burden of the wishes of the lenders, despite the fact that there is often no justification for imposing such demands.”The Prime Minister said that China is the leader among the countries helping Pakistan.This is not the first time that the Prime Minister has expressed discomfort over asking for a loan. In January 2023, he said that despite accepting Saudi Arabia’s financial support, he was embarrassed to ask for further loans. He has repeatedly stressed the need for Pakistan to achieve self-reliance and reduce dependence on IMF programs.Over the past few years, Pakistan has frequently turned to the IMF for financial assistance, with aid tied to strict conditions such as fiscal reforms, subsidy cuts, and revenue raising 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.