Pakistan's Imran Khan says 'Your Prime Minister is your brand' amid nation's mounting debt

At a time when Pakistan's economy is crippled under mounting debts and loans, PM Imran Khan on Tuesday said that he, the Prime Minister, was their 'brand value'. Khan made the statement while addressing the members of his party- the Pakistan Tehreek-e-Insaf- against the Opposition parties who as per him were trying to dominate the political milieu.

Talking to Federal Minister for Finance Shaukat Tarin, Khan as per reports said, "You say that the economic conditions are better, but the Opposition constantly criticises the government." PM Khan added, "Do not allow the Opposition to influence you...inform the masses about the economic conditions. We will reveal the statistics before the nation soon."

'Forced to take tough decisions': Minister for Finance Shaukat Tarin

Interestingly, just two days back, Shaukat Tarin confessed that the country was being forced to take several 'tough decisions' due to the pressure of the International Monetary Fund (IMF).

Negotiating with the IMF for the restoration of USD 6 billion Extended Fund Facility (EFF) was not a 'cakewalk' this time due to the situation of the region after the US exit from Afghanistan, Shaukat Tarin admitted according to The News International. The debt-ridden country is looking to revive the crucial USD 6 billion Extended Fund Facility (EFF), which has forced the Imran Khan-led government to implement a new raft of austerity measures on its population. 

Pakistan aims to meet certain conditions set by the IMF with the passing of the Supplementary Finance Bill and the State Bank of Pakistan Autonomy Bill. This needs to be done before January 12 when the IMF Executive Board will give the final nod to a USD 1 billion tranche for Pakistan.

Pakistan's debt crisis 

Apart from international organisations like IMF, Pakistan has also been regularly borrowing from the United Arab Emirates (UAE) which last month laid down stringent clauses for the Imran Khan-led nation in exchange for its $4.2 billion loan package. 

According to Federal Minister for Information and Broadcasting Fawad Chaudhry, Saudi Arabia has agreed to give a $3 billion cash deposit to Pakistan for a year with a caveat that the country would be bound to return it anytime on a three-day notice. 

Image: PTI