'Our heads bow down in shame': Shehbaz Sharif says he feels ashamed for ‘begging’ money for Pakistan

Pakistan Prime Minister Shehbaz Sharif has voiced deep concern over the nation’s dependence on external financing, arguing that the constant pursuit of foreign aid compromises national honor and causes significant distress for leadership, including Army Chief Asim Munir.

Speaking to major exporters and industry titans in Islamabad, Sharif highlighted how debt obligations impact Pakistan’s standing, calling for a pivot toward new economic frameworks.

Sharif’s candid admission regarding the "humiliation" of borrowing underscores the country's persistent financial volatility and its reliance on global creditors as it pursues IMF packages and loan extensions.

"We feel ashamed when Field Marshal Asim Munir and I go around the world BEGGING for money. Taking loans is a huge burden on our self-respect. Our heads bow down in shame. We cannot say NO to many things they want us to do," said Pakistan PM Shehbaz Sharif as reported by local broadcaster A1tv.

Sharif expressed gratitude toward "all-weather friend" like China, Saudi Arabia, the UAE, and Qatar, noting their consistent support for Islamabad through various economic cycles and geopolitical shifts.

The country's financial stability remains tethered to these nations, whose capital injections are vital for maintaining foreign reserves and avoiding a liquidity crisis. China, a primary creditor, has deferred billions in deposits to assist with debt management, with $4 billion slated for the 2024-25 period. The China-Pakistan Economic Corridor (CPEC) serves as the foundational investment pillar, totaling over $60 billion in energy and transit projects.

Saudi Arabia reinforced its commitment by renewing a $3 billion deposit in late 2024 and offering a $1.2 billion oil credit line for 2025.

Riyadh is also eyeing substantial investments in mining and IT, with potential deals ranging from $5 billion to $25 billion.

Similarly, the UAE extended a $2 billion loan in early 2025 while pledging billions more for infrastructure and port management, with targets up to $25 billion.

Qatar has also formalised a $3 billion investment protocol focusing on aviation and agriculture, remaining a vital supplier of LNG.

These alliances are fundamental to Pakistan’s survival, with funds channeled through the CPEC and the Special Investment Facilitation Council (SIFC).

Simultaneously, Sharif warned of expanding poverty and joblessness, citing a lack of progress in research and technological advancement.

Pakistan currently faces a dire social emergency, with poverty rates reportedly nearing 45% due to high inflation and climate disasters. Unemployment has hit approximately 7.1%, leaving over eight million people without work, while the export sector remains disproportionately tied to basic textiles.