Islamabad. The reality of Pakistan’s poor economic condition and its credibility burdened by foreign debt has now been put before the world by the country’s Prime Minister Shahbaz Sharif himself. Taking a dig at this decades-long loan love story, Prime Minister Sharif admitted how he and Army Chief General Asim Munir had to beg other countries for loans. In a recent address that became the subject of discussion on social media, Sharif revealed the extent of embarrassment he had to face in getting the bailout package from the International Monetary Fund (IMF).
During a program organized in Islamabad, the Prime Minister shared his helplessness with the people of the country. He said that even though Pakistan’s economic situation seems to be improving slightly, the truth behind it is very bitter. According to Sharif, I am grateful to those countries who supported us in the crisis, but taking loans has its own limitations and responsibilities. I cannot express in words how much effort we put in to ask for loans from friendly countries. I and the Army Chief together quietly visited many countries, explained to them the situation in Pakistan and the importance of the IMF program and then demanded several billion dollars.
The Prime Minister admitted self-consciously that when an individual or a country goes to take a loan, its head is always bowed. He also emphasized that loans are not available for free; The countries that help have their own conditions and demands, which have to be accepted even at the risk of their own honour. This statement of Sharif has come at a time when there are discussions that Pakistan has agreed to be a part of US President Donald Trump’s Peace Board, which has heavy financial conditions for joining. Expressing gratitude to the countries that were helpful during the crisis, Shahbaz Sharif specifically took the name of China. He said that China held hands with Pakistan in its most difficult times. Apart from this, it was not possible to prepare the IMF program without the financial support of Saudi Arabia, United Arab Emirates and Qatar.
Recalling his meeting with IMF Managing Director Kristalina Georgieva, Sharif said that due to past mistakes the IMF was in no mood to give further concessions to Pakistan. He said, Georgieva had clearly said that now the time is over. Then I swore them on my honor and assured that we will follow every condition of the agreement in letter and spirit. It was only after this emotional appeal and tough promises that Pakistan could get the loan which brought it back from the brink of bankruptcy (default).
