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Foreign investment only way out of current economic crisis: Former PM Khan

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September 20, 2022 (MLN): Former Prime Minister Imran Khan on Tuesday said that he will introduce new legislations to ensure local as well as foreign investors are protected from fraudulent practices and corruption in order to attract FDI while speaking to a selected group of journalists during a YouTube stream.

“We want to get out of this reliance on foreign loans. Our only way out of this economic crisis is to attract foreign investment in the country. That is only possible once we root out the corrupt business practices in the country. We will ensure rule of law to protect investors,” he said while answering a question by MG Link News.

Adding on, former PM Khan said that the country is at a tipping point as far as the economy is concerned. He said that the current government has no clue about how to manage the economy while warning that the country was likely to face ruin if elections are not called immediately.

The country’s is on its way to a social crisis. The World Bank and other multilateral agencies carrying out development work in the country have warned that the situation is escalating very quickly and could get out of hand if relief work is not undertaken. He said people are calling for early elections and want change in the leadership. 

On falling rupee

Former PM said the rupee’s fall was predominantly due to the political uncertainty and government’s poor policies. He said that the government was running from pillar to post to secure funds but had failed to secure the necessary funds to finance the external account for the next year.

He said that the government has only managed to succeed in $5-6 billion from the IMF and World Bank. However, apart from that, they have not made any inroads into securing the necessary funds.

On SBP autonomy

Former PM said that for any government institution to operate smoothly, it needs to be freed from political interference. He said that during his tenor, former SBP governor was allowed to make independent decisions while taking the government on board. He said the SBP needs to remain independent and free in order to do its work efficiently.

He said that PTI will do its utmost to keep SOEs independent without any political interference.

He said that if PTI comes back into power, he will take actions and measures to solve the issues faced by the State-Owned Entities (SOEs). HE said the PTI government will take all of the measures to resolve the issues faced the SOEs which have been a major fiscal burden on the country’s economy for many years.

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Posted on:2022-09-20T23:56:03+05:00