India, Feb. 1 -- Seeking foreign loan had forced Pakistan to "bow" its head and make compromises at the "cost of self-respect", Prime Minister Shehbaz Sharif has said in a candid admission about the humiliation involved in approaching "friendly countries" for financial aid. Addressing a ceremony held in honour of the country's eminent businessmen and exporters here on Friday, Sharif recalled the difficult period when Pakistan faced fears of bankruptcy and was described by some as being on the verge of technical default.

"When we assumed office, the economic situation was extremely fragile, and the common man faced severe hardships," he said. The prime minister referred to his meeting with the Managing Director of the International Moneta...