General

PM directs Finance Ministry to submit details of loans taken in last 10 years

Prime Minister Imran Khan on Thursday directed the Ministry of Finance to submit details of loans taken in the last 10 years.
The premier is currently chairing a meeting of the federal cabinet 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 while 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.”
According to sources, the cabinet members will hold consultations over placing and removing certain people from the Exit Control List (ECL), according to sources.
“A draft bill regarding a new law that will reward whistleblowers who help nab corrupt officials and politicians is also expected to be presented,” sources added.
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.
Further, 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.