Govt paid back $10 bln on debt servicing on loans taken by previous governments: PM

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ISLAMABAD (DNA) – Prime Minister Imran Khan has said PTI government has paid back 10 billion dollars on debt servicing on loans taken by the previous governments.In an interview, he said we are focusing on controlling current account deficit and money laundering to relieve pressure from the rupee. He said we inherited record current account deficit of over 19 billion dollars, which increased pressure on rupee.

Prime Minister said the previous government took commercial loans of 14 billion dollars on high interest rate. He said Pakistan might have defaulted had the friendly countries like Saudi Arabia, UAE, China, and Qatar not come forward to help us.

The Prime Minister said money laundering of 10 billion dollars takes place in Pakistan every year, which needed a special focus. He said a comprehensive plan is being evolved to control smuggling and money laundering for which new legislation will be brought in.

Imran Khan said we are following Chinese model for wealth creation. He said situation will soon become normal as a meeting is scheduled on Wednesday with the IMF to finalize the loan agreement.

Responding to a question, the Prime Minister said that the government is incentivizing the export sector.

Answering a question, Prime Minister s Advisor on Finance Dr Abdul Hafeez Shaikh, who was also present on the occasion informed that no tax has been imposed on exports sector and the government is providing subsidy to the industrial sector on gas, electricity, and loans.