ISLAMABAD: Financial assistance from Saudi Arabia has helped lessen Pakistan’s economic problems, Prime Minister Imran Khan said on Wednesday, but he added that the country might still need help from the International Monetary Fund.
“We have secured an amazing package from Saudi Arabia that has taken off the financial burden,” he said in a televised speech to the nation. He also thanked the Saudi leadership for reducing visa fees for Pakistani blue-collar workers who go to the Kingdom for jobs.
Khan said his government is trying to secure loans from other “friendly countries” to address the nation’s economic crisis and that he would share more “good news” in the coming days.
“We are negotiating a similar package (to the one from Saudi Arabia) with two other countries and hope to secure it,” he said. “If we get this package, we won’t be burdening our salaried class with more inflation.”
However, Khan did not rule out the possibility of seeking loans from International Monetary Fund, but added that “even if we go to the IMF, we won’t need much from the lender.”
He also revealed that Pakistan will be a peacemaker in the war in Yemen, saying: “We are playing the role of an arbitrator in the Yemen conflict.”
The speech came just a day after Pakistan secured a $6 billion financial-assistance package from Saudi Arabia during a visit to the Kingdom. In a condemnation of the leading opposition parties, he said the country’s debt increased from 6,000 billion to 30,000 billion rupees in the past 10 years, and all state enterprises were running at a loss, to the tune of billions of rupees. Khan also made it clear to the leaders of the opposition parties that they will not deter the government through protests, nor would any reconciliation offers be extended.
“The country has no future as long as the corrupt go scot-free,” he said. “The process of accountability will continue, come what may.”
The prime minister said his government is conducting an audit of the development funds handled by previous governments to hold the “corrupt accountable.”
Referring to money laundering, he said looted money is first transferred tp phony bank accounts, then laundered abroad. “We are strengthening our institutions to tackle money laundering,” he added.
Exporters and foreign investors will be encouraged through a one-time offer to help improve the economic situation and create jobs in the country, Khan said. He will also announce a “safety net for the downtrodden” in the coming days, and urged the nation to maintain its support for the government for some time, so that it can properly address all issues.
“The country will rise rapidly as we have got all the needed potential,” he said. “The time is not far away when we will be extending loans to other nations instead of getting them.”
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Pakistan might still need IMF help, despite Saudi bailout: Imran Khan
Pakistan might still need IMF help, despite Saudi bailout: Imran Khan
- Prime Minister thanks Saudi leadership for reducing visa fees for Pakistanis who go to the Kingdom to work
- Pakistan is strengthening its institutions to curb money laundering, says Khan
Canada PM Carney says can’t rule out military participation in Iran war
CANBERRA, Australia: Canadian Prime Minister Mark Carney said Thursday that he couldn’t rule out his country’s military participation in the escalating war in the Middle East.
Carney’s visit to Australia this week has been overshadowed by expanding war in the Middle East, sparked by a massive US-Israeli strike on Iran that killed its supreme leader, Ayatollah Ali Khamenei.
Speaking alongside local counterpart Anthony Albanese in Canberra, Carney was asked whether there was a situation in which Canada would get involved.
“One can never categorically rule out participation,” he said, while stressing the question was a “hypothetical” one.
“We will stand by our allies,” said Carney, adding that “we will always defend Canadians.”
Carney had said the US-Israeli strikes on Iran were “inconsistent with international law.”
However, he supports the efforts to stop Iran from obtaining a nuclear weapon — a position that Canada takes “with regret” as it represented “another example of the failure of the international order.”
The Canadian leader reiterated on Thursday his call for a “de-escalation” of the conflict.
Carney’s trip is part of a multi-country tour of the Asia-Pacific aimed at reducing reliance on the United States — a hedge against what he has described as a fading US-led global order.
The Australia leg of the tour is aimed at bringing in investment and deepening ties with a like-minded “middle power” partner.
‘Middle power’ rallying cry
On Thursday morning he issued a rallying cry in Australia’s parliament to “middle powers,” urging them to work together in an increasingly hegemonic world order.
Nations like Australia and Canada faced a stark choice — work together to help write the “new rules” of the global order or have great powers do it for them, he said.
“In this brave new world, middle powers cannot simply build higher walls and retreat behind them. We must work together,” he said.
“Great powers can compel, but compulsion comes with costs, both reputational and financial,” the former central banker added.
“Middle powers like Australia and Canada hold this rare convening power because others know we mean what we say and we will match our values with our actions.”
The Canadian leader also said the two countries would together as “strategic collaborators” to pool their vast combined rare earth mineral resources.
And he detailed renewed cooperation in areas from defense to artificial intelligence.
“We know we must work with others who share our values to build solid capabilities,” he told parliament.
Otherwise, he warned, they risked being “caught between the hyperscalers and the hegemons.”
The Canadian leader has frequently clashed with US President Donald Trump, who has repeatedly threatened to annex Canada and slapped swingeing tariffs on the country.
In a speech to political and financial elites at the World Economic Forum in January, Carney warned the US?led global system of governance was enduring “a rupture.”
Carney’s visit to Australia this week has been overshadowed by expanding war in the Middle East, sparked by a massive US-Israeli strike on Iran that killed its supreme leader, Ayatollah Ali Khamenei.
Speaking alongside local counterpart Anthony Albanese in Canberra, Carney was asked whether there was a situation in which Canada would get involved.
“One can never categorically rule out participation,” he said, while stressing the question was a “hypothetical” one.
“We will stand by our allies,” said Carney, adding that “we will always defend Canadians.”
Carney had said the US-Israeli strikes on Iran were “inconsistent with international law.”
However, he supports the efforts to stop Iran from obtaining a nuclear weapon — a position that Canada takes “with regret” as it represented “another example of the failure of the international order.”
The Canadian leader reiterated on Thursday his call for a “de-escalation” of the conflict.
Carney’s trip is part of a multi-country tour of the Asia-Pacific aimed at reducing reliance on the United States — a hedge against what he has described as a fading US-led global order.
The Australia leg of the tour is aimed at bringing in investment and deepening ties with a like-minded “middle power” partner.
‘Middle power’ rallying cry
On Thursday morning he issued a rallying cry in Australia’s parliament to “middle powers,” urging them to work together in an increasingly hegemonic world order.
Nations like Australia and Canada faced a stark choice — work together to help write the “new rules” of the global order or have great powers do it for them, he said.
“In this brave new world, middle powers cannot simply build higher walls and retreat behind them. We must work together,” he said.
“Great powers can compel, but compulsion comes with costs, both reputational and financial,” the former central banker added.
“Middle powers like Australia and Canada hold this rare convening power because others know we mean what we say and we will match our values with our actions.”
The Canadian leader also said the two countries would together as “strategic collaborators” to pool their vast combined rare earth mineral resources.
And he detailed renewed cooperation in areas from defense to artificial intelligence.
“We know we must work with others who share our values to build solid capabilities,” he told parliament.
Otherwise, he warned, they risked being “caught between the hyperscalers and the hegemons.”
The Canadian leader has frequently clashed with US President Donald Trump, who has repeatedly threatened to annex Canada and slapped swingeing tariffs on the country.
In a speech to political and financial elites at the World Economic Forum in January, Carney warned the US?led global system of governance was enduring “a rupture.”
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