PM assures of better days ahead due to his prudent polices.
ISLAMABAD -- Allaying concerns of any economic meltdown, Prime Minister Imran Khan Wednesday said Pakistan was a strong resource-rich country, capable of facing any challenge, assuring that with the reforms initiated in all sectors better days were ahead.
Speaking at the launch of five million low-cost housing project, here at the PM Office, Imran Khan said, "Nations do face ups and downs, go through difficult times, and I can assure you that in six months time you will look back and say this was nothing."
He was reacting to the criticism his government had to face in the wake of decision to return to the International Monetary Fund for financial support and attributed it to the unprecedented borrowing of Rs30 trillion in loans, up from Rs6 trillion in the past ten years.
'Had there been no corruption, money laundering and excessive borrowing, things would have been much different,' Imran Khan said.
He said the PTI government faced a huge current account deficit of 18 billion dollars when it took over from the PML-N government.
He said, on the contrary, the PML-N faced only a US 3 billion dollars current account deficit from the PPP government in 2013.
'We only have to meet a short term requirement of 10 to 12 billion dollars and had the option to request friendly countries or go to the IMF,' Khan said and added the outcome of government's decision to borrow would bear results in six months times.
He said corrective measure were being undertaken to improve the situation.
He said other nations had faced much more difficult periods in their history, but "the structural reforms that we have undertaken would bring about a positive change and this hard time would be over. There is no need to worry. I promise to get you out of this tough period. Just bear with me.'
He said Pakistan was a resource rich country and Balochistan alone had four minerals worth over $ 460 billion. He said a complete road map for optimally exploiting the resources was being prepared and assured the nation to take them into confidence regularly.
Imran Khan said according to estimates the country was a victim of US 10 billion dollar money laundering annually and said only if this had been put under a check, the situation of country's foreign exchange reserves would have been much better.
He pointed to the US 20 billion dollars of remittances and said almost an equivalent amount was entering the country through informal channels.
He said only if this amount is sent through the regular banking channels, the forex reserves would have been in a better shape today.
Imran Khan also vowed to boost the country's exports from US 20 billion dollars to US 30 billion dollars and said a number of incentives were being given to different sectors to raise the quantum of exports.
He regretted that poor management in the past had brought the country to a critical stage and said Pakistan was a blessing of Allah and had all the potential to rise and his government was committed to turn the economy around.
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|Publication:||Balochistan Times (Baluchistan Province, Pakistan)|
|Date:||Oct 11, 2018|
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