Pakistan News

PM Imran Khan directs Finance Ministry to submit details of loans taken in last decade

ISLAMABAD: Prime Minister Imran Khan on Thursday asked the Finance Ministry to submit details of loans taken in the last 10 years.


He made those directives while chairing a federal cabinet meeting during which important decisions pertaining to the country’s economic situation and the bailout package from International Monetary Fund (IMF) are expected to be discussed.


Addressing the cabinet members, the premier said, “We need to take more loans to pay off our previous loans.”


“In the last 10 years, Pakistan’s debt soared from Rs6, 000 billion to Rs30, 000 billion,” he further said, adding that he has sought details of previous loans from the Ministry of Finance.


“The ministry should inform us regarding where the money from the loans was spent,” PM Imran said. “The Orange Line Train project is in debt and we will have to borrow for it.”


It was reported that consultations will also be held over placing and removing certain people from the Exit Control List (ECL).


In addition to that, a draft bill regarding a new law that will reward whistleblowers who help nab corrupt officials and politicians is also expected to be presented.


Approval will also be given for the appointment of heads of Pakistan International Airlines (PIA), Baitul Maal and privatisation commission.


After the last cabinet meeting on October 3, Information Minister Fawad Chaudhry and Petroleum Minister Ghulam Sarwar had announced that Saudi Arabia will construct an oil refinery in Gwadar and that approval for PM House to be converted into high-level university was given.


Furthermore, the cabinet had also accorded approval for appointments of new members in the Ministry of Finance and the fiscal and monetary policy boards and had decided to remove the illegal appointments made by former finance minister Ishaq Dar.

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