Islamabad: Pakistan Prime Minister Shehbaz Sharif has said that it is a matter of shame that the nuclear power country has to beg in the midst of its faltering economy. He was addressing the passing-out ceremony of probationary officers of the Pakistan Administrative Service (PAS) on Saturday. Shahbaz said that seeking a foreign loan is not the right way to solve Pakistan’s economic challenges, as the loan will have to be returned. The Pakistani Prime Minister said that he feels embarrassed to ask for more loans.
Saudi Arabia helped Pakistan
He said that during his recent visit to the United Arab Emirates, President Sheikh Mohammed bin Zayed announced another one billion US dollars loan to Pakistan. PM Shahbaz Sharif praised Saudi Arabia for providing financial help. Meanwhile, Pakistan is looking to approach friendly countries for additional deposits on an urgent basis to bridge the financing till things are finalized with the International Monetary Fund, sources told The International.
Rapidly depleting foreign exchange reserves
According to the report, government sources said that Saudi officials are studying the possibility of depositing more funds in Pakistan amid the shortage of foreign exchange reserves. A senior Finance Ministry official said that the uncertain political situation is hampering the decision-making process. According to official sources, the government does not have much time to work. Because the reserves of foreign exchange kept in the State Bank of Pakistan are decreasing rapidly.
IMF team may come to Pakistan
As of January 6, the current foreign exchange reserves with the SBP were only $ 4.3 billion. According to the report, Prime Minister Shehbaz Sharif had indicated a few days ago that the IMF team may visit Pakistan. But this is yet to happen.
