Finance Ministry to thoroughly investigate foreign loans and spending

October 11, 2018: Deeply concerned over the alarming rise in country’s debts from Rs.6 trillion to Rs.30 trillion in past ten years, Prime Minister Imran Khan on Thursday directed the Finance Ministry to submit a detailed analysis on where the money was spent.

Chairing a Cabinet meeting at the PM Office, the Prime Minister said the government and the people of Pakistan have a right to know where these huge amounts were spent and if they were beneficial for the country.

“Where was the money spent, on which projects? Did we build a dam? We need to know as we have to borrow more loan to return the installments,” Prime Minister Imran Khan said.

He asked the Finance Ministry to submit its detailed analysis to the Federal Cabinet and said it would also help create a better understanding about the loans and their impact on national economy.

 “We will need much more funds to return the entire loan. Instead of creating wealth, we will have to use our money to retire the debt,” he pointed.

Referring to the launch of his ambitious Naya Pakistan Housing Program, the Prime Minister said the entire administrative structure for the project would be completed on priority and it would not only generate economic activity, but also add new entrepreneurs, increase skills of the workers and create employment.

The Prime Minister in his address on the Naya Pakistan Housing program on Wednesday said the country would'nt have had to face this situation, had there been a check on the rampant corruption in country in the past.

(APP)