Pakistan’s Prime Minister Shahbaz Sharif has openly admitted that he and Asim Munir had to go to other countries to seek funds. He said that taking on debt is a huge burden on our self-respect.
Add informalnewz.com as a Preferred Source
Pakistan’s Prime Minister Shahbaz Sharif has openly admitted that he and Army Chief Field Marshal Asim Munir had to approach other countries to seek funds. Addressing Pakistani businessmen in Islamabad on Friday (January 30), Sharif spoke about the country’s economy and the decisions taken by his government.
Referring to the improvement in Pakistan’s foreign exchange reserves, Sharif said that the reserves have almost doubled at present, but this also includes loans from friendly countries and other countries. “You know that anyone who goes to seek a loan has his head bowed down,” he said. Shahbaz detailed how he and Asim Munir had to make humiliating compromises to secure the loan.
“We feel ashamed when we go to ask for money.”
Shahbaz Sharif said, “When Field Marshal Asim Munir and I go around the world asking for money, we feel ashamed. Borrowing is a huge burden on our self-respect. We hang our heads in shame. We can’t refuse whatever they want us to do.” These comments come at a time when Pakistan is discussing a plan with the International Monetary Fund to support economic growth after implementing strict policies.
He said his government has directed the central bank and the finance ministry to support industrial development by improving access to capital. Sharif said on Friday that the governor must listen to business leaders and take bold decisions.
Received a $1.2 billion loan from the IMF
Pakistan recently received $1.2 billion from the International Monetary Fund (IMF) under its lending program and a separate climate-related fund. This funding has helped Pakistan repay its debt and increase its foreign exchange reserves.
Pakistan’s central bank, the State Bank of Pakistan, unexpectedly kept its key interest rate unchanged at 10.5 percent this week. Citing fears of rising inflation, the bank has projected GDP growth of 3.75 percent to 4.75 percent for the fiscal year ending in June.
Read More: Cheapest Broadband: Enjoy 50Mbps speed for ₹399 and 200Mbps speed for ₹799, along with 5000GB data
