Shameful for a nuclear power country to beg: Pakistan PM
Pakistan Premier Shehbaz Sharif has said it is a matter of shame that a country, which is a nuclear power, has to beg amid its faltering economy.
Addressing the passing-out ceremony of probationary officers of Pakistan Administrative Service (PAS) on Saturday, PM Shehbaz Sharif said it really embarrassed him to ask for further loans, adding that seeking foreign loans was not the right solution to address Pakistan's economic challenges as loans would have to be returned.
Sharif regretted that during the past 75 years, different governments, whether headed by political leadership or military dictators, could not address the economic issues.
Pakistan prime minister said that sustainable development goals (SDGs) could be achieved and foreign loans avoided had their 'bus could have moved at a fast pace' and on the right track.
He said that during his recent visit to the United Arab Emirates (UAE), President Sheikh Mohammed bin Zayed had announced a further 1 billion US dollar loan to Pakistan.
Speaking on the occasion, Pakistan PM also praised Saudi Arabia for its financial support, reported The News International.
Meanwhile, Pakistan is mulling approaching friendly countries, especially Saudi Arabia, for additional deposits on an immediate basis in a bid to bridge financing until things are finalised with the International Monetary Fund, sources told media.
Pakistan Government sources said that Saudi Arabia authorities are 'studying' the prospect of further deposits to Pakistan amid the foreign exchange reserves crunch.
Official sources told the publication that the government does not have much time to act as foreign exchange reserves held by the State Bank of Pakistan (SBP) are depleting at a rapid pace. As of January 6, the foreign exchange reserves held by the SBP stood at just 4.3 billion US dollar.
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