Prime Minister of Pakistan Imran Khan has said that Pakistan wants loans to pay off previous ones. Addressing the Future Investment Initiative (FII) conference in Saudi Arabia on Tuesday, he highlighted some of the key challenges facing his government and his plans to tackle them. We need new loans to pay-off our previous loans,” the PM said while speaking about Pakistan’s current economic situation. We have approached the International Monetary Fund and our friendly countries, he added.
Prime Minister also announced, we are reformation our duty and tax structure. Imran Khan further said, “Pakistan is a country with great prospective and is one of the most varied countries in the world.” This is the best time for investors to come to Pakistan,” he added.
PM further said he has spoken to Saudi Crown Prince Mohammed bin Salman about boosting investment ties between the two countries. There is a massive amount of inorganic wealth in Pakistan. We have some of the largest gold reserves in the world, as well as reserves of copper and zinc,” he added.
Regretting that mineral reserves in Pakistan could not be extracted due to terrorism and corruption, PM Imran maintained, this will change now. There was hardly any investment in our mineral resources and one of the reasons as I pointed out was the war on terror as investors would not return to Pakistan. We also had very poor governance and corruption,” he added. Pakistan suffered a lot from terrorism post-9/11 but now, thanks to our security forces and intelligence agencies, we have controlled terrorism.
Stating that his government has been in power for 60 days, the premier said, “The immediate concern for our government is to increase our exports so we can bolster our foreign exchange reserves. Warning that the next three to six months will be difficult for Pakistan, PM Imran said, “Our institutions were destroyed as corrupt people were in top positions but we are taking measures to increase exports.
Pakistan’s strength is overseas Pakistanis and we have to make conditions favorable for them to invest in the country, he said. The premier announced, “We are working to create a favorable environment for investment in the country and will introduce a one-window operation for it. We need to increase foreign reserves with remittances from the 8 to 9 million Pakistanis working abroad, need to give incentives to exporters and create opportunities for investment, he added.
He also asserted, We need to clamp down on money laundering and are taking measures. Speaking about his Naya Pakistan Housing Programme, PM Imran said, there is a need for 10 million houses in Pakistan and we have embarked on a programme to build 5 million houses in the initial phase. PM Imran further highlighted. “Tourism is also a vital sector and has flourished in recent years. We want to give incentives to people in energy sector. Pakistan’s biggest resources are its people below the age of 30, he maintained. APP