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Karachi [Pakistan], Nov 23 (ANI): Former Pakistan Prime Minister Imran Khan speaks at an economic seminar in Karachi. Speaking at the seminar, Khan mentioned that the real estate industry has become the biggest mafia in Pakistan.
As it takes over the land from the government and then sells it to the public, it ends up selling the proceeds abroad, The Dawn reported.
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Land records and maps in Islamabad show that the PTI government found land worth 1.2 trillion rupees (Pakistan currency) had been seized by the land mafia. He further mentioned that for the recovery of the economy, free and fair elections must be held. Whichever government takes power after the elections will have to take some desperate steps to revive Pakistan’s declining economy. In his speech, he further mentioned that the economy is heading towards default.
PTI chief Khan further said political stability is needed to gain economic strength. According to The Dawn, Khan said people won’t invest unless they’re sure what’s going to happen in the economy. Referring to the country’s default on credit swaps and international loan payments, he said no one can predict what will happen to Pakistan in a month.
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A major part of the speech was to emphasize the importance of exports in building an economy that can survive economic change. He also said that 88 percent of Pakistani businessmen believe the economy is on the wrong track. Khan also stressed that the only way to restore the confidence of these businessmen is to hold new elections.
Referring to his policies, his regime allowed the amnesty program but did not make it mandatory to invest the proceeds of the program back into the national economy.
Asif Ali Qureshi, Chief Energy Sector Expert at PTI, mentioned many issues in the energy sector. He said power is a debt of Rs. 2.3 trillion rupees, the natural gas industry is in debt of 2.3 trillion rupees. 720 billion. He further revealed that the budget allocation for the power sector is only Rs 1.1 trillion, as reported by The Dawn.
Qureshi further mentioned that transmission and distribution losses amounted to Rs. Around 170 billion, the sector is funded in the form of notes of about Rs. 230 billion. He also mentioned that the entire industry is in urgent need of modernization as most of Pakistan’s refineries operate on old technology. And three-quarters of the country’s oil is transported by road, which is equally dangerous. At the same address, he said the port was used to import oil but needed a land-based LNG receiving terminal as well as maintaining oil reserves.
To further prevent the collapse of the economy, the government should extend the maturity of the debt held by the country’s major power plants, it must be further noted that public sector power plants do hold 45% of capacity payments. (ANI)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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