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PM Khan wants Finance Ministry to examine exponential increase in debt over past 10 years

Updated October 11, 2018


Prime Minister Imran Khan — DawnNewsTV
Prime Minister Imran Khan — DawnNewsTV

Prime Minister Imran Khan while chairing a meeting of the federal cabinet instructed the Finance Ministry to conduct an analysis of how Pakistan's debt increased from Rs6,000 billion to Rs30,000bn in the span of 10 years, Radio Pakistan reported on Thursday.

"We need to know where that money went and what projects it was used in. Our government has just come in and we have been forced to take loans to pay off the loans that they [the previous governments] took. At least we should know where those loans went," the prime minister said.

"This analysis is also important as our government, which sees that the country is already in debt, will have to think twice about taking more loans. We will at least have to see that the loans that we take create more wealth so that they can be returned," he added.

PM Khan directed the Finance Ministry to present its detailed analysis on the matter in another cabinet meeting.

According to Radio Pakistan, the federal cabinet is expected to take important decisions including the appointment of heads of Pakistan International Airlines (PIA) and the Privatisation Commission.

Referring to the launch of his ambitious Naya Pakistan Housing Program, the prime minister said that the entire administrative structure for the project would be completed on priority basis.

He said that not only would the project generate economic activity, but also add new entrepreneurs, increase the number of skilled workers and create employment in the country.

While announcing the launch of the housing project on Wednesday, that the scheme will bring long-due prosperity in the country, he said, adding that at least 40 other industries connecting with housing will also be set in motion as soon as construction is started for the project in urban as well as rural areas.

The construction for the scheme will be carried out by the private sector, while the government will facilitate it by removing hurdles and providing the land for the construction.