Pakistani PM Shahbaz Sharif’s fails to gather support for country at the Paris Summit

Pakistani PM Shehbaz Sharif was in Paris for the Summit for a New Global Financial Pact, where he was to appeal on behalf of Pakistan to raise funds for the country. However, insider sources say that he was unable to secure any concrete funding, and instead was only offered loans to alleviate the ailing Pakistani economy, which is on the brink of collapse.

Owing to this indifference from the West, Pakistani PM lashed out at them during his speech.

“Global lenders would spend billions on war but only offer loans to flood-ravaged Pakistan,” he said.

“On one hand, you are ready to provide everything for the defence of a country or countries — that is perfectly okay — but when it comes to the question of saving thousands and thousands of people from dying, then [one has] to borrow money at a very high cost. Then you have to beg and borrow and further deteriorate your already very precarious financial situation,” Sharif further added.

The Pakistani delegation that comprised of the State Minister for Foreign Affairs Hina Rabbani Khar also tried to meet with several country heads to attract investments into Pakistan but did not receive a positive response.

A meeting between Pakistani PM Shebaz Sharif and the Managing Director for the International Monetary Fund (IMF) on the sidelines of the summit is yet to produce any results, but sources say that Pakistan was asked by the IMF officials to implement certain financial measures before the international body could release the promised loans.

Pakistan is hoping to unlock a $6 billion bailout and gain the release of a critical tranche of $1.1 billion in loans which has been on hold since November.

Thursday’s meeting between the IMF and Pakistan came a week after the IMF slammed a proposed annual budget presented to parliament by Pakistan’s government. Esther Perez Ruiz, IMF’s representative for Pakistan, said in a statement that the draft budget failed to implement a fairer tax system as promised in the bailout agreement.

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