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Loans acquired to pay previous debts, not for buying properties: Hafeez Shaikh   

ISLAMABAD: Finance Minister Abdul Hafeez Shaikh on Monday said that the masses should know that the incumbent government has not acquired loans to buy properties instead it was aimed at paying the interest of the previous debts, ARY NEWS reported.

Speaking during the Senate session, the finance minister said that they had to rush to the International Monetary Fund (IMF) to address a financial crisis owing to the previous debts.

“The previous government’s policy to lower the dollar rate intentionally had hurt the country’s economy badly,” he said adding that the past governments had to inject dollars from the country’s reserves to maintain its rate at low prices in the market.

While explaining the successes of the incumbent government, he said that they have doubled the budget of Ehsaas programme. “Our spending during the incumbent tenure is mainly focused on common man,” he said adding that the positive effects of the government’s policies have started to emerge.

Read More: Rigourous steps by govt saved economy amid pandemic hit, says Hafeez Shaikh

Hafeez Shaikh said that the export market of the country has witnessed an increase and if focused properly it would result in an increase in dollar flow inside the country.

He said that despite the pandemic, the entire globe is acknowledging improvement in Pakistan’s economy. “However, we still have many challenges ahead and the most important among them is to provide relief to the masses,” the finance minister said.

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