This is our simpleton point of view. The loans from IMF, world bank and ADB are rarely given without approval from the USA and its allies. And they impose very strict conditions that have to be followed in order to borrow from them. This is a way to affect our decision making and steering of economy in a way it suits those powers. Many many times, the conditions imposed are against the best path we have to follow in order to benefit our economy. World Bank's president is chosen by American president and IMF's head is chosen by Europeans. They do not give a loan to us until they get a nod of approval from US and Europeans. It is not just business, it is both international politics and some business that keeps a country continuing to beg more and more and never be determined to become self-reliant.
Getting a line in the time of crisis may not be a foolish thing to do but continuing to borrow more and more with foreign political influence and foreign imposed conditions, is really harmful for interests of the country.
If it were true business, as you stated, Pakistan could borrow from international commercial banks who are never ready to lend us easily. Cheaper loans come at a cost that might not always be good for us.