LAHORE – Prime Minister Shehbaz Sharif visited friendly countries seeking foreign funds and loans as the sword of default is hanging over Pakistan.
During his recent address during the passing out ceremony of probationary officers of the Pakistan Administrative Service (PAS), the premier said approaching friendly nations for more loans and payments ’embarrassed’ him.
Sharif said tapping friendly nations is not the right solution to deal with current economic challenges and stressed on achievement of sustainable development goals to put the economy on right track.
Sharing his views on economic challenges, the premier lamented previous governments for not contributing much to deal with the current situation.
Recalling his recent visit to UAE, PM Shehbaz maintained that United Arab Emirates President Sheikh Mohammed bin Zayed kindly announced to grant of a further $1 billion loan to cash strapped nation. Following PM’s visit, UAE agreed to roll over $2 billion and also approved providing $1 billion in loans while Islambad and Riyadh inked an agreement to finance oil derivatives worth $1 billion.
PM made back-to-back visits to friendly nations and approached the global lenders as country’s central bank forex reserves nosedived to $4.3 billion, badly affecting financing imports.
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