"Embarrassing" to ask friendly nations for more loans: PM
.jpg "\"Embarrassing\" to ask friendly nations for more loans: PM") |
"Embarrassing" to ask friendly nations for more loans: PM |
He laments that previous governments were unable to address economic issues.
Pakistan's economy is in trouble because its forex reserves are rapidly running out.
LAHORE:
Prime Minister Shehbaz Sharif said on Saturday that he was really embarrassed to ask for moreloans and that he was sorry that he had asked for money from friendly nations.
When PM Shehbaz spoke at the ceremony for the probationary officers of the Pakistan Administrative Service (PAS), he said that getting loans from abroad was not the best way to solve Pakistan's economic problems because the loans would have to be repaid.
He criticized the Pakistan Tehreek-e-Insaf (PTI) and stated, "time was wasted with the creation of chaos and protests" in the past.
The prime minister stated that if their "bus could have moved at a fast pace" and had been on the right path, the sustainable development goals (SDGs) could have been accomplished and foreign loans avoided.
He elaborated on his perspective on the country's economic difficulties and expressed regret that different governments, whether led by political leaders or military dictators, had failed to address the problems.
The prime minister insisted that President Sheikh Mohammed bin Zayed had graciously and affectionately announced that Pakistan would receive an additional $1 billion loan during his recent visit to the United Arab Emirates (UAE).
PM Shehbaz also thanked Saudi Arabia for its financial support during the event.
After a decline of 22.11 percent, Pakistan's central bank forex reserves have dropped to their lowest level since February 2014, making it difficult for the nation to finance imports.
With a GDP of 350 billion rupees, the nation requires urgent foreign assistance to close its current account deficit and ensure sufficient reserves to meet its debt obligations.
The rupee has fallen, inflation has reached decades-high levels, and Pakistan's economy has collapsed alongside a simmering political crisis. However, devastating floods and a global energy crisis have exacerbated the situation.
The country was successful in obtaining pledges totaling more than $10 billion, the majority of which were loans, in response to its call for funds at the recent International Conference on Climate Resilient Pakistan in Geneva.
The United Arab Emirates has consented to roll over $2 billion and has also approved lending $1 billion. In addition, earlier this week, Pakistan and Saudi Arabia agreed to finance $1 billion worth of oil derivatives.
As Crown Prince Mohammad Bin Salman instructed his financial officials to investigate increasing the Pakistan deposit by $2 billion, Riyadh is also considering increasing its deposit in the (SBP) State Bank of Pakistan.
"Serve the masses with dedication" The prime minister then exhorted civil servants to serve the country and the nation to the fullest extent possible and expressed the hope that they would be able to steer the country out of the difficulties that it faces right now.
He reminded them that they would be confronted with problems like unemployment, poverty, disease, lack of education, and delayed responses to public issues once they assumed their basic responsibilities in real life.
The prime minister expressed appreciation for the civil bureaucracy and stated that he personally knew several excellent officers who had worked hard to serve the country by shedding their blood and sweat.
The prime minister made a veiled reference to the previous administration by stating that certain officers' families were embarrassed by baseless allegations.
He said that because of this, civil bureaucrats thought twice before doing anything to carry out their responsibilities, which was a real obstacle.
The prime minister emphasized that creating an environment conducive to the civil bureaucracy's dedicated service to the masses should be the common goal of all parties and the political establishment. He went on to say that civil servants could achieve their full potential if they were treated with respect.
He observed that no obstacle could be overcome anywhere in the world.
The prime minister cited his two-month target for the civil administration to establish educational facilities in one of Balochistan's flood-affected areas, and during his recent visit to the province, he praised them for establishing a smart school within the stipulated timeframe. This was about the performance of the bureaucracy.
The prime minister referred to them as the "future of Pakistan" and expressed optimism that they would fulfill the nation's expectations with dedication and integrity.
Let's work together to bring Pakistan closer to Quaid's ideal and make it stronger.""The people will remember you for your yeoman's service," he went on to say.
In addition, the prime minister thanked the officers of PAS for successfully completing their training and stated that they were the rising stars of the nation and held the keys to the country's future.
He also praised them for helping flood victims and traveling to different parts of the country.
When PM Shehbaz spoke at the ceremony for the probationary officers of the Pakistan Administrative Service (PAS), he said that getting loans from abroad was not the best way to solve Pakistan's economic problems because the loans would have to be repaid.
He criticized the Pakistan Tehreek-e-Insaf (PTI) and stated, "time was wasted with the creation of chaos and protests" in the past.
The prime minister stated that if their "bus could have moved at a fast pace" and had been on the right path, the sustainable development goals (SDGs) could have been accomplished and foreign loans avoided.
He elaborated on his perspective on the country's economic difficulties and expressed regret that different governments, whether led by political leaders or military dictators, had failed to address the problems.
The prime minister insisted that President Sheikh Mohammed bin Zayed had graciously and affectionately announced that Pakistan would receive an additional $1 billion loan during his recent visit to the United Arab Emirates (UAE).
PM Shehbaz also thanked Saudi Arabia for its financial support during the event.
After a decline of 22.11 percent, Pakistan's central bank forex reserves have dropped to their lowest level since February 2014, making it difficult for the nation to finance imports.
With a GDP of 350 billion rupees, the nation requires urgent foreign assistance to close its current account deficit and ensure sufficient reserves to meet its debt obligations.
The rupee has fallen, inflation has reached decades-high levels, and Pakistan's economy has collapsed alongside a simmering political crisis. However, devastating floods and a global energy crisis have exacerbated the situation.
The country was successful in obtaining pledges totaling more than $10 billion, the majority of which were loans, in response to its call for funds at the recent International Conference on Climate Resilient Pakistan in Geneva.
The United Arab Emirates has consented to roll over $2 billion and has also approved lending $1 billion. In addition, earlier this week, Pakistan and Saudi Arabia agreed to finance $1 billion worth of oil derivatives.
As Crown Prince Mohammad Bin Salman instructed his financial officials to investigate increasing the Pakistan deposit by $2 billion, Riyadh is also considering increasing its deposit in the (SBP) State Bank of Pakistan.
"Serve the masses with dedication" The prime minister then exhorted civil servants to serve the country and the nation to the fullest extent possible and expressed the hope that they would be able to steer the country out of the difficulties that it faces right now.
He reminded them that they would be confronted with problems like unemployment, poverty, disease, lack of education, and delayed responses to public issues once they assumed their basic responsibilities in real life.
.jpg "\"Embarrassing\" to ask friendly nations for more loans: PM") |
"Embarrassing" to ask friendly nations for more loans: PM |
The prime minister made a veiled reference to the previous administration by stating that certain officers' families were embarrassed by baseless allegations.
He said that because of this, civil bureaucrats thought twice before doing anything to carry out their responsibilities, which was a real obstacle.
The prime minister emphasized that creating an environment conducive to the civil bureaucracy's dedicated service to the masses should be the common goal of all parties and the political establishment. He went on to say that civil servants could achieve their full potential if they were treated with respect.
He observed that no obstacle could be overcome anywhere in the world.
The prime minister cited his two-month target for the civil administration to establish educational facilities in one of Balochistan's flood-affected areas, and during his recent visit to the province, he praised them for establishing a smart school within the stipulated timeframe. This was about the performance of the bureaucracy.
The prime minister referred to them as the "future of Pakistan" and expressed optimism that they would fulfill the nation's expectations with dedication and integrity.
Let's work together to bring Pakistan closer to Quaid's ideal and make it stronger.""The people will remember you for your yeoman's service," he went on to say.
In addition, the prime minister thanked the officers of PAS for successfully completing their training and stated that they were the rising stars of the nation and held the keys to the country's future.
He also praised them for helping flood victims and traveling to different parts of the country.
.jpg "\"Embarrassing\" to ask friendly nations for more loans: PM") |
"Embarrassing" to ask friendly nations for more loans: PM |
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