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Prime Minister Imran Khan on Wednesday sought to allay concerns regarding an impending economic meltdown in the country, saying he will take the country out of this "difficult time".
Addressing a ceremony in connection with the launch of the Naya Pakistan Housing Project, Khan said he will present a roadmap before the nation listing steps the government will take to stabilise the economy.
The premier said he will "guide" the nation every week on his government's economic plans.
"Have courage, there is nothing to worry about," the prime minister said, assuring the nation that the turbulence in the economy won't last long.
Khan said an impression had been created in the last 48 hours "as if the sky is going to fall [or] the day of judgement is upon us", but instead sought to explain the issues faced by the economy.
He said the previous governments had taken loans recklessly, which has resulted in the country's debt ballooning from Rs6 trillion to Rs30 trillion in the past 10 years alone.
He said the previous PML-N government had started its term with a $3 billion current account deficit, but the 40-day-old Pakistan Tehreek-i-Insaf (PTI) government inherited an $18bn current account deficit.
Pakistan today faces a shortfall of $10-12 billion to pay its loans and purchase imports in the short term, he said, adding that his government has been debating seeking help from friendly countries and approaching the International Monetary Fund (IMF) for a bailout programme as well.
He reiterated that the government is seeking funds from external sources only for the short term, as the economic reforms and austerity measures initiated by his government "will take six months to show results".
Talking about possible resources to bridge the deficit, Khan said the total amount laundered out of Pakistan annually, according to the US State Department, is $10bn.
"So if we had curbed the money laundering [in the past], we wouldn't have to pursue loans today," he said.
The country also wouldn't have to knock on the Fund's door if the government managed to convince overseas Pakistanis to send $20bn in remittances through banking channels, he said.
https://www.dawn.com/news/1438116/i...ult-time-pm-khan-assures-nation-about-economy
Addressing a ceremony in connection with the launch of the Naya Pakistan Housing Project, Khan said he will present a roadmap before the nation listing steps the government will take to stabilise the economy.
The premier said he will "guide" the nation every week on his government's economic plans.
"Have courage, there is nothing to worry about," the prime minister said, assuring the nation that the turbulence in the economy won't last long.
Khan said an impression had been created in the last 48 hours "as if the sky is going to fall [or] the day of judgement is upon us", but instead sought to explain the issues faced by the economy.
He said the previous governments had taken loans recklessly, which has resulted in the country's debt ballooning from Rs6 trillion to Rs30 trillion in the past 10 years alone.
He said the previous PML-N government had started its term with a $3 billion current account deficit, but the 40-day-old Pakistan Tehreek-i-Insaf (PTI) government inherited an $18bn current account deficit.
Pakistan today faces a shortfall of $10-12 billion to pay its loans and purchase imports in the short term, he said, adding that his government has been debating seeking help from friendly countries and approaching the International Monetary Fund (IMF) for a bailout programme as well.
He reiterated that the government is seeking funds from external sources only for the short term, as the economic reforms and austerity measures initiated by his government "will take six months to show results".
Talking about possible resources to bridge the deficit, Khan said the total amount laundered out of Pakistan annually, according to the US State Department, is $10bn.
"So if we had curbed the money laundering [in the past], we wouldn't have to pursue loans today," he said.
The country also wouldn't have to knock on the Fund's door if the government managed to convince overseas Pakistanis to send $20bn in remittances through banking channels, he said.
https://www.dawn.com/news/1438116/i...ult-time-pm-khan-assures-nation-about-economy
