PM seeks details of loans taken in last decade

12 Octobre, 2018, 08:25 | Auteur: Auguste Feret
  • IMF cuts global economic growth target to 3.7%

"To really understand the extent and composition of that debt, both in terms of sovereign, in terms of state-owned enterprises and the likes of it, so that we can actually really appreciate and determine the debt sustainability of that country, if and when we consider a programme, Lagarde said".

"Have courage, there is nothing to worry about", the prime minister told the audience, assuring the nation that the turbulence in the economy won't last long. The estimates say that 40% land in Karachi and most precious land in Islamabad was encroached by such illegal housing, he added.

"We will need much more funds to return the entire loan".

The prime minister on Wednesday launched PTI's flagship housing scheme aimed at building five million low-priced and affordable housing units across the country, fulfilling one of the "cornerstones" of his party's election manifesto.

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.

Kim said the World Bank has launched a "human capital index" to help rank countries by the level of their investments in such areas as education and health care.

PM Khan speaking with the media said his government's decision to seek International Monetary Fund loan, will be obtained for a short period to bridge the external financial gap.

Lagarde said that the International Monetary Fund would need to know the extent and composition of the a country's debt, including sovereign debt and state-owned enterprise debt, "so that we can actually really appreciate and determine the debt sustainability of that country, if and when we consider a programme", she added. The fund lent Islamabad $6.7 billion in 2013.

Khan said the incentives given by his government can also lead to exports rising by $10bn from a current $20bn.

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Argentina and Pakistan, Venezuela and Zimbabwe are among countries grappling with crises. "The only misfortune of this country has been the lack of management".

He said Pakistan was a resource rich country and Balochistan alone had four minerals worth over $ 460 billion.

Giving details of the Naya Pakistan Housing Programme, the prime minister revealed that five million affordable houses will be constructed in five years targeting the low-income segments of society. Did we build a dam?

Yi also expressed his confidence in the progress of this campaign to reduce financial risks.

The prime minister said the data of the "kaachi abadis" (slums) would also be collected.

"A special housing authority would be established in three months to serve as one window for all construction-related formalities". Meanwhile the 17-member Housing Task Force would oversee the housing programme, he added.

The prime minister said the government would remove obstacles to home ownership and that this would include working with the Law Ministry to draft legislation to make this possible.

He said after reviewing global models, high rise buildings, having all basic facilities would be constructed and the owners would have full property rights. He added that said it was vital for reviving economic activity and employment generation.

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