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Our debt has gone up to $205 billion in the last decade: Pakistan PM Imran Khan in national address

File photo of Pakistan Prime Minister Imran Khan. Photograph:( Reuters )

WION Web Team New Delhi Jun 10, 2019, 10.20 AM (IST)

Pakistan Prime Minister Imran Khan on Monday morning addressed the nation amid looming concerns of the national financial crisis. He started off by stating that Pakistan's debt, in the last decade, has gone up from 6,000 billion Pakistani Rupees to a whopping 30,000 billion Pakistani Rupees ($205 billion). 

Khan added that taxes that are gathered annually, around 4,000 billion Pak Rupees, half of it goes to pay off these debts.

"The money left after that, Pakistan cannot survive with its expenses in that money," Khan stated. 

He urged the people of Pakistan to declare undeclared assets. "If we won't pay taxes, we cannot help our nation go forward," Pak PM said adding that everyone must declare their undeclared assets by June 30. 

"You won't get this chance beyond June 30," Khan added.

Watch: Imran Khan writes to PM Modi, says Pakistan wants talks with India to resolve all disputes

Khan's address comes a day after he chaired a meeting on the upcoming budget on Sunday.

The ruling PTI government is set to present its first budget for the fiscal year 2019-20 in the National Assembly on June 11.

It will be presented by Khan's Advisor on Finance, Revenue and Economic Affairs Dr Hafeez Shaikh.

Last week, Khan announced that the country's military has decided on "unprecedented voluntary initiative of stringent cuts in its defence expenditures" due to the critical financial situation prevailing in the country.

"Despite multiple security challenges. My government will spend this money saved on development of merged tribal areas and Balochistan," Khan posted on Twitter.

Last month, the Pakistan government had reached an agreement with the International Monetary Fund (IMF) for a bailout package of $6 billion, according to Shaikh.

Pakistan will receive additional funds worth nearly $2-3 billion from institutions like the Asian Development Bank and the World Bank. 

Story highlights

Khan urged the people of Pakistan to declare undeclared assets. 'If we won't pay taxes, we cannot help our nation go forward,' he said.