ISLAMABAD, Oct 13 (APP): Minister for Information and Broadcasting Chaudhry Fawad Hussain on Wednesday said past rulers built their properties abroad by plundering foreign loans.
Addressing a conference here the minister said from 2008 to 2018, when the Pakistan Peoples Party and Pakistan Muslim League -Nawaz were in power, record foreign loans were taken and most of the amount was transferred to the Middle East and Europe by the former rulers where they purchased properties.
The minister said the incumbent government was repaying US $ 12 billion debt this year. He said in such a situation it was very difficult for the government to give subsidies on commodities.
The minister said the main cause of the current wave of inflation was due to the debt taken by the past rulers.
The geographical situation of Pakistan was quite important, Fawad Hussain said adding, if anyone travel by air around 66 percent of the world’s population was at a distance of three and a half hours from Islamabad.
He said that Pakistan could gain access to food markets of Arab countries, adding, unfortunately Pakistan produced things but no steps were taken for their certification.
The minister said that commodity prices had skyrocketed around the world and unfortunately for the last 20 years Pakistan had been importing everything from abroad.
He said that Pakistan could make quick progress by investing in technology and it had to improve the standard of its products according to international standards.
The minister said all economic indicators were positive and Pakistan’s economy was moving in the right direction, adding, the construction and textile industries were booming.