Govt pays back $10b on loans taken by previous regimes: PM

Federal Government to provide all possible facilities to investors: PM

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Prime Minister Imran Khan has said 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 we are focusing on controlling current account deficit and money laundering to relieve pressure from the rupee.
He said we inherited record current account deficit of over 19 billion dollars, which increased pressure on the rupee. Prime Minister said the previous government took commercial loans of 14 billion dollars on the high-interest rate. He said Pakistan might have defaulted had the friendly countries like Saudi Arabia, 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 new legislation will be brought in.
Imran Khan said we are following the Chinese model for wealth creation. He said the 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 informed that no tax has been imposed on exports sector and the government is providing subsidy to the industrial sector on gas, electricity, and loans.
Replying to a question, Imran Khan said the revenue target of 5,500 billion rupees set for the current fiscal year will be achieved through reforms in Federal Board of Revenue and broadening the tax net. He said every eligible citizen will have to become filer to enhance tax net of the country.
To another question, the Prime Minister said we are focused on growth but quality growth as the PML-N government made record imports of 61 billion dollars to take the growth rate up in a fake manner. He said Housing Sector has great potential of creating jobs and improving the economy. He said through constructing five million housing units, the economy will be strengthened.
Imran Khan said record remittances were witnessed since PTI came to power and we are making efforts to control money laundering and slashed imports worth five billion dollars. Regarding attracting foreign investment to the country, the Prime Minister said Russian and Central Asian States are taking keen interest to invest in Pakistan as our Gwadar Port provides the shortest route to reach out other regions. He said due to Pakistan’s geostrategic position, Japan also desires to relocate its industry to Pakistan to reach out to the Chinese market; similarly, China alone undertakes exports of two trillion dollars. He said we have come out of the difficult phase and now we are heading towards stability and the issue of exchange rate will also be settled once there is stability in the country.
The Prime Minister, while answering to a question, made it clear that he will not give any NRO to anybody. Without naming any specific leader, he said sons of a former ruler have approached two foreign countries requesting them to convince Imran Khan to give an NRO for their father. He said the leadership of those countries has told him that they knew him better and will not ask him for any leniency for those, who looted this country.
The meeting decided to constitute a high-level committee in the supervision of Interior Minister which will include members from the interior ministry, commerce division, Finance Division and representatives of provinces. The committee will review all aspects of smuggling and will present its recommendation for effective monitoring on borders, amendments in existing laws and other related affairs within a month.
Talking to a delegation of Samba Financial Group in Islamabad on Monday, Prime Minister Imran Khan has said that the government is committed to providing all possible facilities to the investors and business community for a profitable business in the country.
Prime Minister briefed the delegation about the steps taken to facilitate the business community for the stability of economy. Chairman Samba Financial Group Ammar Al-Khazairi emphasized the need to convert the close relations between Pakistan and Saudi Arabia into strong economic relations.

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