Islamabad (Correspondent, INP) – The PTI government secured $46 billion in foreign loans for three and a half years. The PDM and the caretaker government borrowed $26 billion until March 2024.
PTI Loan Details Presented in National Assembly
The Ministry of Finance presented comprehensive details of these loans to the National Assembly. According to the ministry, the government has acquired $430m in international debts. The debt stands at 830 billion. PIA has decided not to sell its properties.
PTI Statements from Ministers
Energy Minister Owais Leghari assured that the upcoming budget would allocate sufficient funds for disaster management. Minister of State Ali Pervez highlighted that the government has issued licenses for four sectors: cement, sugar, fertilizer, and tobacco. He also mentioned that the Track. And Trace System would be reactivated with new tenders within a few weeks.
Trade and Privatization Updates
Trade Minister Jam Kamal clarified that no decision has been made regarding the export of wheat flour, dismissing any related news as false. Privatization Minister Abdul Aleem Khan revealed that out of the 39 aircraft in PIA’s fleet, only 20 to 21 are operational. Additionally, he announced the planned privatization of 24 entities. These include PIA, Roosevelt Hotel, Pakistan Reinsurance Company Limited (PRCL), First Women Bank, Utility Stores Corporation, Agricultural Development Bank, and various electricity distribution companies.
Summary of Financial Strategies and Developments
The details presented by the Ministry of Finance indicate a strategic approach to managing the nation’s debt and assets. The significant borrowing by the PTI government reflects a period of heavy foreign loan dependency, which the current administration is now addressing through more controlled borrowing.
PIA’s Financial Troubles and Privatization Plans
PIA’s mounting losses have raised significant concerns. However, not selling its properties aims to stabilize the airline’s financial health without resorting to asset liquidation. The operational inefficiencies, with only about half of the fleet in service, highlight the urgent need for restructuring. The government’s plans to privatize several key entities are seen as an effort to improve efficiency. And profitability in these sectors.
Focus on Sectoral Development
Licensing specific sectors, such as cement, sugar, and fertilizer. And tobacco, suggests a targeted approach to stimulating these industries. The reactivation of the Track. Experts expect that implementing the Trace System will enhance regulatory compliance and revenue collection.
