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No more IMF loans: President Mamnoon

ISLAMABAD: President Mamnoon Hussain has said that Pakistan will not take any more loans from International Monetary Fund (IMF) in future.

In an interview, he said that the government has decided to lessen the volume of foreign loans and debts.

“Government was focusing on making Pakistan economically strong and financially empowered,” Mamnoon said, adding that the foreign debt of US $ 10 billion out of total US $ 15 billion had been paid back.

The President said that the incumbent government owing to its prudent economic policies has put the national economy on the right track.

He said that the country’s foreign exchange reserves have risen to US $ 23 billion which indicates that Pakistan has become one of the emerging markets in the world and fast growing economy.

Mamnoon Hussain said that sustainable development is not possible at all without a stable democracy in the country.

“We should take serious measures as there is no room for making mistakes,” he said, “Political progression is the testimony to the fact that political system has gained the potential to face crises successfully.”

The President urged the people to reject the negative propaganda against the government and said the present government should be supported to continue its policies and programs to strengthen the country.


M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.