As a rare and brutally frank confession, Pakistan Prime Minister Shehbaz Sharif said today that he feels extremely “ashamed” to be obliged to travel the world to “beg” for financial assistance. Confronting a gathering of leading exporters and business leaders in Islamabad, the Premier exposed the humiliating truth behind Pakistan’s reliance on foreign debt to avert a complete financial breakdown.
"We Cannot Say No"
With high-ranking officials on his side, Sharif also confirmed that both he, and Field Marshal Asim Munir — the Army Chief — have been locked into a cycle of stealthy international visits that have taken place to obtain billions in loans and debt rollovers.
“We feel ashamed when Field Marshal Asim Munir and I go around the world begging for money,” Sharif said. “It’s a very serious burden on our self-respect to take loans. Our heads bow down in shame. It’s a reason we can’t say NO to much they [lenders] want us to do.”
“It has made a great loss of national sovereignty, if Pakistan continues to take the “unjustifiable demands” and policy conditions from loan agencies, from foreign nations, because of its desperate financial condition,” the Prime Minister said.
The Debt Trap: A Permanent State of Crisis
Sharif’s confession has horrifying numbers. Pakistan is in a state of structural fragility that analysts call a “permanent state of crisis” as of early 2026.
- Debt Growth: Pakistan’s total public debt soared to over Rs 76,000 billion in March 2025, almost doubling in four years.
- IMF Cycle: It is on its 23rd IMF program. Even though a $7 billion bailout was signed off as late in 2024, the majority of the new money is just spent servicing interest on old loans.
- Poverty Surge: The poor condition in the country has dramatically worsened, as nearly 45% of the population (21.9% in 2018) are now below the poverty line.
Dependence on ‘All-Weather Friends’
Sharif is embarrassed but he conceded that without China, Saudi Arabia, UAE, and Qatar backing Pakistan, the country would see a massive default.
- China: Known as an “all-weather friend,” China has rolled over billions of deposits to steady Pakistan’s reserves.
- Saudi Arabia & UAE: These countries have offered access to essential deferred oil payment facilities and multi-billion dollar deposits.
A Call for Self-Reliance
Sharif called on the business community to spearhead a transition to an export-led economy, reminiscent of what Vietnam or Bangladesh would model. “Geopolitical rent” is how Pakistan has done it for decades, exchanging its geography for cash, he lamented, a strategy that he feels has been exhausted. “Borrowing can no longer be a permanent solution,” he said.
