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Pakistan debt crisis intensifies because economy mismanaged in past: PM

Pakistan debt crisis intensifies because economy mismanaged in past: PM
April 8, 2021

ISLAMABAD (92 News) - Prime Minister (PM) Imran Khan has said on Thursday that Pakistan debt crisis intensified because the economy was mismanaged in the past.

The prime minister performed the groundbreaking of Farash Town apartments in Islamabad under Naya Pakistan Housing program.

Addressing to the ceremony, PM Khan regretted that the economy was mismanaged in the past. He said such loans were taken in the past which instead of wealth creation further increased the burden of loans, adding that the installment of debts are increasing.

He also said the project envisaging construction of two thousand flats is aimed at providing shelter to the underprivileged segments of the society including workers and labourers.

He said he will soon perform groundbreaking of peri-urban housing society for the farmers. He mentioned that a plan has also been prepared to convert the slums and equip them with the modern facilities including that of sanitation and sewerage. He said the slum dwellers will be given houses on proprietary rights.

He said the mortgage facility has been introduced to provide loans to the people on easy installments so that they could construct the houses. He said negotiations are continuing with the banks to remove any impediments.

Imran Khan said the government is focusing on wealth creation projects to retire the country's debt. He said these include Ravi City and Central Business District in Lahore whilst negotiations are being held with the Sindh government to develop the Bundal Island. He was confident that these projects will attract massive investments.

He said the projects to be executed under Naya Pakistan Housing Program will also uplift the thirty industries allied with the construction sector.

Imran Khan expressed satisfaction over increased activity in the construction industry. He pointed out that the cement sale remained at record level last year while growth has also been witnessed in the tax collection which indicates the business activity has increased in the country.

Imran Khan said it is the first time that the country's textile industry is witnessing a record boom.  He said the small and medium enterprises will also be uplifted to increase their share in the economy.

Imran Khan said we have envisaged upgradation of railway line from Karachi to Peshawar. He said negotiations are also continuing to take the train service to the Central Asian States to promote regional trade.