‘We feel ashamed when Asim Munir and I beg for money around the world’: Pakistan PM Shehbaz Sharif

Ashamed of crippling debt trap because of dependency on foreign loans, Pakistan’s Prime Minister Shehbaz Sharif stated that it is embarrassing for officials, including Army Chief Asim Munir, to go around the world begging for financial aid for the country. He emphasized that seeking funds undermines national self-respect.

He was addressing some prominent exporters and business leaders at an event in Islamabad, Pakistan.

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Citing the mounting debt burden on the country, Pakistan PM hinted at the growing need for for alternative economic strategies.

“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 to a local media channel.

This comes as an admission of the country’s economic struggles and high dependency on international assistance. The country has also sought financial support from IMF support along with debt rollovers.

In his address at the event, he also lauded China, calling it Pakistan’s “all-weather friend” along with Saudi Arabia, the UAE, and Qatar, which have provided it financial support over the years to stabilise foreign exchange reserves and prevent a balance-of-payments crisis.

Frameworks like the China-Pakistan Economic Corridor (CPEC) and the Special Investment Facilitation Council (SIFC) allow Pakistan to have some economic stability with constant flow of investments and funds from these countries.

Pakistan facing severe socioeconomic crisis

While speaking at the event, Shehbaz Sharif also expressed his concerns over deteriorating poverty unemployment situation in the country. He highlighted the lack of development in innovation and research and development.

As per estimates, 45% of Pakistan’s population lives below the poverty line. The poverty rate was reported at 21.9% in the year 2018. Extreme poverty has jumped from 4.9% to 16.5%, driven by 2022. Unemployment has surged to 7.1%, with over eighty lakh people jobless in the country.

Estimates also suggest that Pakistan is currently facing a severe debt crisis, with total public debt exceeding Rs 76,000 billion as of March 2025, nearly doubling in just four years.