PM says his govt paid back $10bn

ISLAMABAD: Prime Minister Imran Khan has said the PTI government has paid back 10 billion dollars on debt servicing on loans taken by the previous governments.

In an interview to a private TV channel, he said his government is focusing on current account deficit and money laundering to lessen pressure on rupee.

He said his government inherited record current account deficit of over 19 billion dollars, which increased pressure on rupee.

The Prime Minister said the previous government took commercial loans of 14 billion dollars on high interest rates.

He said Pakistan might have defaulted had the friendly countries like Saudi Arabia, the UAE, China, and Qatar not come forward to help us.

The Prime Minister said money laundering of 10 billion dollars takes place in Pakistan every year, which needed a special focus.

He said a comprehensive plan is being evolved to control smuggling and money laundering for which a new legislation will be brought in.

Imran Khan said his government is following the Chinese model for wealth creation. He said situation will soon become normal as a meeting is scheduled on Wednesday with the IMF to finalize the loan agreement. Responding to a question, the Prime Minister said that the government is incentivizing the export sector.

Answering a question, Prime Minister’s Advisor on Finance Dr Abdul Hafeez Shaikh, who was also present on the occasion, said that no tax has been imposed on exports sector and the government is providing subsidy to the industrial sector on gas, electricity, and loans.—NNI