PM Khan seeks details of loans taken in last 10 years

Islamabad (HRNW): Prime Minister Imran Khan has directed the Ministry of Finance to furnish details of loans taken [by the governments] in the last 10 years. He issued these directions while chairing the Federal Cabinet meeting currently underway in Islamabad. During the meeting, he highlighted that Pakistan’s debt soared from Rs6,000 billion to Rs30,000 billion, and sought details of previous loans from the Ministry. PM Khan said the government must know about the expenditure of loans taken by the previous governments. “He added that the Orange Line Train project was in debt and loan was required to streamline it. It was reported that the cabinet members would consult authorities concerned regarding removal and placement of certain names on the Exit Control List (ECL).
Meanwhile, IMF chief Christine Lagarde met with Pakistani officials Thursday and said a team would visit Islamabad for talks on a possible bailout of its shaky economy. Finance Minister Asad Umar, who is attending the Fund’s annual meeting in Bali, announced earlier this week that the government would seek talks with the IMF on a “stabilisation recovery programme”. Lagarde earlier Thursday said the IMF had yet to receive anything formal from Islamabad but that she would meet with the Pakistani delegation in Bali. “During the meeting, they requested financial assistance from the IMF to help address Pakistan’s economic challenges,” Lagarde said in a statement.
“An IMF team will visit Islamabad in the coming weeks to initiate discussions for a possible IMF-supported economic programme.” Imran Khan on Wednesday vowed to steer the country out of a looming balance-of-payments crisis, saying it needs $10-12 billion. “We will get out of this. I will take (the country) out of this,” he said. Khan’s new administration took office in August vowing to weigh up whether to seek an IMF bailout as it sought other avenues of financing.