Islamabad:- Pakistan Prime Minister Shahbaz Sharif has termed the compulsion to extend hands to other countries for foreign loans as a big ‘shame’ for the country. Addressing businessmen and exporters in Islamabad on Friday, Sharif said in a very emotional tone that by asking for loans, the country bows its head and we have to make many unfair agreements at the cost of our self-respect.
He recalled the period last year when Pakistan was on the verge of bankruptcy and he, along with Army Chief Asim Munir, had to knock on the doors of friendly countries for billions of dollars in help.
The Prime Minister said that although friendly countries like China, Saudi Arabia and the UAE have always supported, the position of the beggar is very weak.
He admitted that sometimes lending countries impose conditions which are not logical but they have to accept them under compulsion. On this occasion, he also announced major reliefs like reduction in electricity tariffs by Rs 4.04 per unit to industries and reduction in interest rates for exporters to bring the country's economy back on its feet so that the country's dependence on loans can be reduced.