Taking loan to repay earlier debts: PM Imran

Published: October 11, 2018
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Important decisions with regards to the nation's economy are expected to be undertaken during the meeting.

PHOTO: FILE

Important decisions with regards to the nation's economy are expected to be undertaken during the meeting. PHOTO: FILE

Prime Minister Imran Khan on Thursday said the country is taking a loan to repay instalments due from earlier debts while alluding to the previous government.

The remarks by the premier came after a federal cabinet meeting which also discussed the current balance of payments crisis facing the country reported Radio Pakistan

The premier said that it needs to be assessed as to why the debt was accumulated in the first place, adding that a “detailed analysis is required on which projects the funds were spent upon”.

He added that the analysis would enable the country to take an informed decision regarding repayment.

The premier also lauded the Naya Pakistan Housing Scheme by terming it “Pakistan’s most ambitious housing scheme,” and added that the initiative was aimed at strengthening the housing sector, boosting the economy and employment.

PM Imran was also expected to approve the appointment of the heads of Pakistan International Airlines (PIA), Bait-ul-Mal and the Privatisation Commission.

The federal cabinet last week gave the green signal to Saudi Arabia to set up an oil refinery in deep-water port of Gwadar, marking the first major investment by the gulf country in Pakistan under the new government.

Cabinet green-lights Saudi investment in Gwadar

“The cabinet has approved the draft of a memorandum of understanding (MoU) Pakistan and Saudi Arabia expected to sign soon for the establishment of refinery,” Petroleum Minister Ghulam Sarwar Khan said while addressing the news conference.

“China has no reservations over Saudi investment in Pakistan,” he added.

With Prime Minister Imran Khan in the chair, the cabinet that met on earlier also approved the removal of heads of four state-owned banks and five key position-holders in regulatory bodies appointed by former finance minister Ishaq Dar “illegally”.

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Reader Comments (2)

  • Engr.Amir Sultan Rana
    Oct 11, 2018 - 3:21PM

    No issue. At this time if we have to take loans go ahead with it but as I said kindly follow the following principles:

    Make a long comprehensive plan of our earnings from which we have to pay our loans in the times to come.
    Make a comprehensive analysis of loan and check where are the loop holes present. Contact the persons of that era to give and furnish details of their loan taking during their tenure. Evaluate accordingly with on going processes and improvement.
    As I said again, involve Pakistanis to buy their own products mostly. Preference should be given to Pakistan first.
    Establish local industry in a massive scale.
    If International investors wants to come and invest, so at our own principles in which our values and benefits are much more than their.
    Country wide give incentives for people who are doing good, contributing towards economy, give their examples to others so that morale encouragement should be given and initiated to all others.
    With the establishment of industries gives comprehensive benefits.
    Make a valuable system of tax collection. Give lot of incentives for the new entrants for tax payments and coming to the tax net.
    Make a detail 20-30 years plan for Pakistan development. Make it visible to masses.
    Introduce new channels of teaching about health and safety for all Pakistanis.
    Waste management initiative is very appropriate. Give and provide all the bins and baskets at all main areas of Pakistan with their cleaning and maintaining system in place.

    These are few of the ideas, which should be started as soon as possible. We are on our ends trying our best to promote Pakistan at best.

    We are with Pakistan and will remain with Pakistan for all times to come.
    God bless Pakistan.

    Best of luck Pakistan.Recommend

  • Dr. Asjad Iqbal
    Oct 14, 2018 - 2:03PM

    The issue of balance of payments has been paramount in the decision to go for more loans from the IMF. However Pakistan must make all efforts to increase dollar inflows. One way is to charge more for the transport of supplies for the US led forces in Afghanistan. In the Capitalist world one charges the maximum money that one can. Pakistan should use the same medicine in this case for its own survival.Recommend

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