Pakistan desperately looking for loans: Imran Khan at Saudi investment conference

WION Web Team Riyadh Saudi Arabia Oct 23, 2018, 01.16 PM(IST)

Saudi investment summit opens, Pakistan's PM says exports are priority Photograph:( Reuters )

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"With Pakistan, the challenge is how do we strengthen our institutions enough to put a crackdown on corruption," said Pakistan PM Imran Khan.

Pakistan's Prime Minister Imran Khan on Tuesday arrived in Saudi Arabia and addressed the investment conference in Riyadh.

"The struggle to educate our people, strengthen our institutions especially our justice, some of the principles are more republic than ideal Muslim state was supposed to be," said Pakistan PM.

"We have been in power for 60 days, we have inherited for fiscal deficits, the current challenge is to increase our exports because of a shortage of Foreign Reserves, there are about 8-9 millions of Pakistani's who work abroad, immediate improvement in export, improvement of Pakistan Banking challenges, clamping down on money laundering and then create investment opportunities. These are the immediate measures that we have taken in these 2 months," he said.
 
"Right now we need to have loans for repaying or servicing our debts.
We are talking to IMF and also talking to Friendly states," Imran added.

On being asked if you are going for a loan to International Monetary fund Imran said: Yes we are talking to IMF and also have some loans from friendly governments.
 
"Corruption is what makes a country poor, corruption is the main difference between a developed and developing the world. For eg: Congo is very rich in resources as compared to Switzerland. Corruption destroys state institutions, corruption diverts money from human developments to mega projects with mega kickbacks. With Pakistan, the challenge is how do we strengthen our institutions enough to put a crackdown on corruption," said Pakistan PM Imran Khan.

It is Khan’s second visit to Saudi Arabia in just over a month, but he has not succeeded in securing significant financial assistance to stave off a looming balance of payments crisis.