‘We Beg For Money’: Pakistan PM Shehbaz Sharif Makes Shameless Confession, Says He Tours World With Army Chief Asim Munir For Loans To Save Bankrupt Country

Pakistan’s Prime Minister Shehbaz Sharif has expressed anger over his country’s reliance on foreign loans, noting that soliciting financial aid weakens national self-respect and is a cause of humiliation for officials, especially Army Chief Asim Munir.

‘Field Marshal Asim Munir And I Travel The World Begging For Money’ 

Sharif underlined the impact of debt on Pakistan’s dignity while speaking to key exporters and business executives at an event in Islamabad, highlighting the necessity for alternative economic plans. “When Field Marshal Asim Munir and I travel the world begging for money, we feel embarrassed. Our self-respect suffers greatly when we take out debts. Our heads droop down in humiliation. According to local broadcaster A1tv, Pakistani Prime Minister Shehbaz Sharif stated, “We cannot say NO to many things they want us to do.” Sharif’s acknowledgement of “begging” for loans draws attention to the nation’s financial difficulties and dependence on foreign aid. This comes as Pakistan seeks IMF bailout and debt rollovers.

He also commended “all-weather friend” China, Saudi Arabia, the United Arab Emirates, and Qatar for their unwavering support of Islamabad in good times and bad. China, Saudi Arabia, the United Arab Emirates, and Qatar, which offer vital financial help to stabilise foreign currency reserves and avert a balance-of-payments crisis, are Pakistan’s economic lifelines. With $4 billion anticipated for 2024–2025, China has contributed billions in safe deposits to assist Pakistan in fulfilling its debt obligations. A crucial framework is the China-Pakistan Economic Corridor (CPEC), which has invested more than $60 billion in infrastructure and energy. In December 2024, Saudi Arabia gave the State Bank of Pakistan a $3 billion deposit, and in 2025, it offered a $1.2 billion deferred oil payment facility.

Pakistan’s Socio-Economic Crisis

Riyadh has pledged significant investments in mining, agriculture, and IT, with potential plans totalling $5- $ 25 billion. The UAE rolled over a $2 billion loan in early 2025 and committed to investing billions in Pakistan’s energy, port operations, and wastewater treatment sectors, targeting $10-25 billion. Qatar signed a protocol to realize $3 billion in investments, focusing on aviation, agriculture, and hospitality, and is a key energy supplier, particularly for LNG.

These countries are crucial for Pakistan’s economic stability, with investments and aid flowing through frameworks like the China-Pakistan Economic Corridor (CPEC) and the Special Investment Facilitation Council (SIFC). Sharif also raised concerns about rising poverty and unemployment, and lamented the lack of development in R&D and innovation. Pakistan is facing a severe socioeconomic crisis with poverty rates estimated to have risen towards 45% of the population, exacerbated by inflation and floods. Unemployment has climbed to around 7.1%, with over eight million citizens jobless, while exports remain heavily reliant on textiles and commodities. Recent estimates suggest up to 45% of Pakistan’s population lives below the poverty line, up from 21.9% in 2018. Extreme poverty has jumped from 4.9% to 16.5%, driven by 2022 floods, inflation, and macroeconomic instability. The jobless rate is at 7.1%, with over 8 million people out of work. Educated youth are struggling, and underemployment is rampant in the informal sector (85% of the workforce).

Pakistan’s exports are stuck, with textiles dominating. There’s potential in software, agriculture, and livestock, but structural issues and low productivity hinder growth. Notably, 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. The nation relies heavily on IMF bailouts and loans from China-particularly for China-Pakistan Economic Corridor (CPEC) projects–to manage debt servicing and avoid default. Pak PM’s admission confirms a structural fragility that has moved beyond mere economic cycles into what many call a permanent state of crisis. Historically, Pakistani leadership framed foreign aid as “strategic partnership” or “brotherly support.” However, Pakistan’s traditional “geopolitical rent”–the ability to trade its geography for cash (used effectively during the Cold War and the War on Terror)–has largely evaporated.

Pakistan’s Borrowed Money

By involving the Army Chief in loan negotiations, the country is signalling to creditors that the military (the only institution perceived as stable) guarantees the debt, further blurring the lines of civilian governance. Instead of building an export-oriented economy like Vietnam or Bangladesh, Pakistan has used borrowed “hot money” to maintain artificial exchange rates and fund imports for the elite. Moreover, Pakistan is currently on its 23rd IMF program. Without structural reforms (such as taxing the landed elite and the retail sector), each loan merely covers the interest on the previous one.

Adding to the irony, Pakistan has reportedly paid a massive sum to secure a seat on Donald Trump’s Board of Peace, raising questions about priorities, spending significant resources to secure influence within high-level political circles “Board of Peace” highlight a massive cognitive dissonance in Islamabad. The state keeps funding “perception management” and lobbying while the population grapples with record-breaking inflation and energy shortages.

(With Inputs From ANI)

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