PM seeks details of foreign loans taken in last ten years

 

ISLAMABAD: Prime Minister Imran Khan has directed the Ministry of Finance to furnish details of foreign loans taken as well as their spending in the last 10 years.

He issued these directions during the Federal Cabinet meeting in Islamabad.

PM Khan directed the Finance Ministry to submit a detailed analysis to know where the money was spent.

He said the government and the people of Pakistan have the right to know where these huge amounts were spent and were these beneficial for the country.

“Where was the money spent, on which projects? Did we build a dam? We need to know as we have to borrow more loan to return the installments,” Prime Minister Imran Khan said.

He asked the Finance Ministry to submit its detailed analysis to the Federal Cabinet and said it would also help create a better understanding about the loans and their impact on national economy.

We will need much more funds to return the entire loan. Instead of creating wealth, we will have to use our money to retire the debt,” he pointed.

Referring to the launch of his ambitious Naya Pakistan Housing Program, the Prime Minister said the entire administrative structure for the project would be completed on priority and it would not only generate economic activity, but also add new entrepreneurs, increase skills of the workers and create employment.

He highlighted that Pakistan’s debt soared from Rs6,000 billion to Rs30,000 billion, and sought details of previous loans from the Ministry.

It was reported that the cabinet members would consult authorities concerned regarding removal and placement of certain names on the Exit Control List (ECL).

Meanwhile, IMF chief Christine Lagarde met with Pakistani officials Thursday and said a team would visit Islamabad for talks on a possible bailout of its shaky economy.

Finance Minister Asad Umar, who is attending the Fund’s annual meeting in Bali, announced earlier this week that the government would seek talks with the IMF on a “stabilisation recovery programme”.

Lagarde earlier Thursday said the IMF had yet to receive anything formal from Islamabad but that she would meet with the Pakistani delegation in Bali.

“During the meeting, they requested financial assistance from the IMF to help address Pakistan’s economic challenges,” Lagarde said in a statement.

“An IMF team will visit Islamabad in the coming weeks to initiate discussions for a possible IMF-supported economic programme.”

Imran Khan on Wednesday vowed to steer the country out of a looming balance-of-payments crisis, saying it needs $10-12 billion.

“We will get out of this. I will take (the country) out of this,” he said.

Khan’s new administration took office in August vowing to weigh up whether to seek an IMF bailout as it sought other avenues of financing.