diff --git a/src/backend/distributed/connection/shared_connection_stats.c b/src/backend/distributed/connection/shared_connection_stats.c
index d58dbcaf1..dfe197be3 100644
--- a/src/backend/distributed/connection/shared_connection_stats.c
+++ b/src/backend/distributed/connection/shared_connection_stats.c
@@ -48,7 +48,6 @@ typedef struct ConnectionStatsSharedData
 	char *sharedConnectionHashTrancheName;
 
 	LWLock sharedConnectionHashLock;
-	ConditionVariable waitersConditionVariable;
 } ConnectionStatsSharedData;
 
 typedef struct SharedConnStatsHashKey
@@ -85,6 +84,8 @@ typedef struct SharedConnStatsHashEntry
  */
 int MaxSharedPoolSize = 0;
 
+int ConnectionRetryTimout = 120 * MS_PER_SECOND;
+
 /* the following two structs used for accessing shared memory */
 static HTAB *SharedConnStatsHash = NULL;
 static ConnectionStatsSharedData *ConnectionStatsSharedState = NULL;
@@ -225,12 +226,57 @@ GetMaxSharedPoolSize(void)
 void
 WaitOrErrorForSharedConnection(const char *hostname, int port)
 {
+	int retryCount = 0;
+
+	/*
+	 * Sleep this amount before retrying, there is not much value retrying too often
+	 * as the remote node is too busy. That's the reason we're retrying.
+	 */
+	double sleepTimeoutMsec = 1000;
+
+	/* In practice, 0 disables the retry logic */
+	int allowedRetryCount = ConnectionRetryTimout / sleepTimeoutMsec;
+
 	while (!TryToIncrementSharedConnectionCounter(hostname, port))
 	{
-		WaitForSharedConnection();
-	}
+		int latchFlags = WL_LATCH_SET | WL_TIMEOUT | WL_POSTMASTER_DEATH;
 
-	ConditionVariableCancelSleep();
+		CHECK_FOR_INTERRUPTS();
+
+		int rc = WaitLatch(MyLatch, latchFlags, (long) sleepTimeoutMsec,
+						   PG_WAIT_EXTENSION);
+
+		/* emergency bailout if postmaster has died */
+		if (rc & WL_POSTMASTER_DEATH)
+		{
+			ereport(ERROR, (errmsg("postmaster was shut down, exiting")));
+		}
+		else if (rc & WL_LATCH_SET)
+		{
+			ResetLatch(MyLatch);
+			CHECK_FOR_INTERRUPTS();
+
+			if (IsHoldOffCancellationReceived())
+			{
+				/* in case the interrupts are hold, we still want to cancel */
+				ereport(ERROR, (errmsg("canceling statement due to user request")));
+			}
+		}
+		else if (rc & WL_TIMEOUT)
+		{
+			++retryCount;
+			if (allowedRetryCount <= retryCount)
+			{
+				ereport(ERROR, (errmsg("citus.max_shared_pool_size number of connections "
+									   "are already established to the node %s:%d,"
+									   "so cannot establish any more connections",
+									   hostname, port),
+								errhint("consider increasing "
+										"citus.max_shared_pool_size or "
+										"citus.connection_retry_timeout")));
+			}
+		}
+	}
 }
 
 
@@ -368,8 +414,6 @@ DecrementSharedConnectionCounter(const char *hostname, int port)
 	connectionEntry->connectionCount -= 1;
 
 	UnLockConnectionSharedMemory();
-
-	WakeupWaiterBackendsForSharedConnection();
 }
 
 
@@ -395,19 +439,6 @@ UnLockConnectionSharedMemory(void)
 }
 
 
-void
-WakeupWaiterBackendsForSharedConnection(void)
-{
-	ConditionVariableBroadcast(&ConnectionStatsSharedState->waitersConditionVariable);
-}
-
-void
-WaitForSharedConnection(void)
-{
-	ConditionVariableSleep(&ConnectionStatsSharedState->waitersConditionVariable, PG_WAIT_EXTENSION);
-}
-
-
 /*
  * InitializeSharedConnectionStats requests the necessary shared memory
  * from Postgres and sets up the shared memory startup hook.
@@ -489,8 +520,6 @@ SharedConnectionStatsShmemInit(void)
 
 		LWLockInitialize(&ConnectionStatsSharedState->sharedConnectionHashLock,
 						 ConnectionStatsSharedState->sharedConnectionHashTrancheId);
-
-		ConditionVariableInit(&ConnectionStatsSharedState->waitersConditionVariable);
 	}
 
 	/*  allocate hash table */
diff --git a/src/backend/distributed/shared_library_init.c b/src/backend/distributed/shared_library_init.c
index ca0176fac..7292e1872 100644
--- a/src/backend/distributed/shared_library_init.c
+++ b/src/backend/distributed/shared_library_init.c
@@ -482,6 +482,18 @@ RegisterCitusConfigVariables(void)
 		GUC_STANDARD,
 		NULL, NULL, NULL);
 
+
+	DefineCustomIntVariable(
+		"citus.connection_retry_timeout",
+		gettext_noop("Sets the time to retry if connection establishement "
+					 "fails because of reaching to citus.max_shared_pool_size."),
+		NULL,
+		&ConnectionRetryTimout,
+		120 * MS_PER_SECOND, 0, MS_PER_HOUR,
+		PGC_USERSET,
+		GUC_UNIT_MS,
+		ConnectionRetryCheck, NULL, NULL);
+
 	DefineCustomBoolVariable(
 		"citus.expire_cached_shards",
 		gettext_noop("This GUC variable has been deprecated."),
diff --git a/src/include/distributed/shared_connection_stats.h b/src/include/distributed/shared_connection_stats.h
index abb13dfe6..78ea95183 100644
--- a/src/include/distributed/shared_connection_stats.h
+++ b/src/include/distributed/shared_connection_stats.h
@@ -16,8 +16,6 @@ extern int ConnectionRetryTimout;
 
 
 extern void InitializeSharedConnectionStats(void);
-extern void WaitForSharedConnection(void);
-extern void WakeupWaiterBackendsForSharedConnection(void);
 extern void RemoveAllSharedConnectionEntriesForNode(char *hostname, int port);
 extern int GetMaxSharedPoolSize(void);
 extern bool TryToIncrementSharedConnectionCounter(const char *hostname, int port);