Pakistan's Prime Minister Shehbaz Sharif
Credit: Reuters Photo
Pakistan Prime Minister Shehbaz Sharif said that he and the country's Army Chief, Field Marshal Asim Munir, feel "ashamed of begging" for money from around the world.
Addressing an event in presence of business leaders and exporters, in Pakistan's Islamabad, Sharif spoke about the "burden of choices" his government has to make due to the country's weak economic condition.
"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," Shehbaz Sharif said, as reported by local agency Altv.
"The current situation is that the reserves of the foreign exchange have almost doubled. But the loans of our friends and countries are included... But you know that the one who goes to take a loan, his head is bowed," he added, stating Pakistan's slightly improved foreign reserves.
The point of "begging" for money comes after Pakistan's discussions with the International Monetary Fund for a plan to support their economic growth. Meanwhile, he praised the country's economic supporters, China, and Saudi Arabia, along with the UAE, and Qatar. "All-weather friend, China, along with Saudi Arabia, the UAE, Qatar, which have supported Islamabad through both good times and bad, regardless of circumstances," he said.
Besides, Pakistan has recently received $1.2 billion from the IMF, as loan, which has helped the country in repaying their debt and building up its foreign reserves.
He further raised concerns over the rising unemployment and poverty rates in the country, due to inflation and floods.
He also said his team, including, Finance Minister Muhammad Aurangzeb, had proposed a case to the IMF. "I have told them that we have achieved stability and now we have to generate employment and reduce poverty," he added.