Pakistan Prime Minister Imran Khan has vowed to go after the "thieves" who left the country badly in debt and set up a high-powered commission to probe <a href="https://www.wionews.com/south-asia/our-debt-has-gone-up-to-205-billion-in-the-last-decade-pakistan-pm-imran-khan-in-national-address-225840">huge debts incurred during the last 10 years</a>, as he defended arrests of several key political figures in corruption cases.&nbsp;

In an unusual midnight speech after the first budget of his cash-strapped government was presented, Khan said that all economic problem was due to <a href="https://www.wionews.com/south-asia/imran-khan-asks-pakistanis-to-declare-their-undisclosed-assets-by-jun-30-225963">debt which increased to Rs 300 crore</a> from Rs 60 crore in 10 years.&nbsp;

His speech came on the day when Leader of the Opposition in the Punjab Assembly, Hamza Shehbaz was arrested by the National Accountability Bureau (NAB) in cases related to money laundering.&nbsp;

On Monday, former president <a href="https://www.wionews.com/south-asia/zardari-produced-before-court-anti-graft-body-seeks-physical-remand-226185">Asif Ali Zardari </a>was also arrested by the NAB in connection with a multi-million dollar money laundering case.&nbsp;

Former Prime Minister <a href="https://www.wionews.com/pakistan/nawaz-sharif-quizzed-in-jail-by-anti-graft-body-over-illegal-purchase-of-over-30-bulletproof-vehicles-222338">Nawaz Sharif </a>(from the PML-N party) is already in jail having been sentenced in another corruption case in 2018.

Khan announced that after putting to rest the initial focus of the government to stabilise the economy, his attention would be more targeted towards bringing the ones to task who had caused the country to fall into such dire straits.

Also read:&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-to-stay-on-fatfs-grey-list-official-to-wion-222508">Pakistan to stay on FATF's grey list: Official to WION</a>

"Pakistan is stable now. That pressure [to stabilise the economy] has been relieved. Now I will go after them [the corrupt politicians]," declared the prime minister.

"I'm making a high-powered enquiry commission with a one-point agenda: how did they raise the debt to Rs 24,000 billion (240 crore) in 10 years?"

He said that the commission shall comprise the FIA (Federal Investigation Agency), IB (Intelligence Bureau), ISI (the Inter-services Intelligence Directorate), FBR (Federal Board of Revenue) and SECP (Securities and Exchange Commission of Pakistan).&nbsp;

The Pakistan Peoples Party and Pakistan Muslim League-Nawaz served in two successive terms since 2008 when Khan claimed debt increased.

Khan said that the commission will include representatives of the Federal Investigation Agency (FIA), Intelligence Bureau (IB), Inter-Services Intelligence (ISI), Federal Bureau of Revenue (FBR) and Security and Exchange Commission of Pakistan (SECP).

He said that those who were in helms of affairs during last 10 years will not be spared.

Watch: Is the IMF bailout a&nbsp;Lifeline for Pakistan's economy?

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"All those in power will be fully investigated by this commission which will prepare a report so that no one dares leave the country in tatters ever again," he said.&nbsp;

"Even if my life goes, I will not leave these thieves alone. I had prayed to God to give me one chance. I will not leave them."

He blamed the two previous governments for all ills including low growth, joblessness and devaluations.

Khan's government has been heavily criticised for the politically-motivated arrests in corruption cases, but he defended them.

Khan said he would not be "blackmailed" with protests.&nbsp;

Talking about the recent arrests of the bigwigs, Khan said, "I am grateful to Allah, the big figures who are now jailed, no one could have imagined [it could be done]."&nbsp;

"People are crying that Sharif and Zardari have been jailed [...] both of them used to call each other corrupt. Mian Nawaz Sharif jailed Zardari twice during his two tenures.

The prime minister said that they [Nawaz and Zardari] came to an agreement that each would rule for five years and "not say anything to each other".&nbsp;

Pakistan Prime Minister Imran Khan has vowed to go after the "thieves" who left the country badly in debt and set up a high-powered commission to probe huge debts incurred during the last 10 years, as he defended arrests of several key political figures in corruption cases.

Pakistan Prime Minister Imran Khan has vowed to go after the "thieves" who left the country badly in debt and set up a high-powered commission to probe huge debts incurred during the last 10 years, as he defended arrests of several key political figures in corruption cases. In an unusual midnight speech after the first budget of his cash-strapped government was presented, Khan said that all economic problem was due to debt which increased to Rs 300 crore from Rs 60 crore in 10 years. His speech came on the day when Leader of the Opposition in the Punjab Assembly, Hamza Shehbaz was arrested by the National Accountability Bureau (NAB) in cases related to money laundering. On Monday, former president Asif Ali Zardari was also arrested by the NAB in connection with a multi-million dollar money laundering case. Former Prime Minister Nawaz Sharif (from the PML-N party) is already in jail having been sentenced in another corruption case in 2018. Khan announced that after putting to rest the initial focus of the government to stabilise the economy, his attention would be more targeted towards bringing the ones to task who had caused the country to fall into such dire straits. Also read: Pakistan to stay on FATF's grey list: Official to WION "Pakistan is stable now. That pressure [to stabilise the economy] has been relieved. Now I will go after them [the corrupt politicians]," declared the prime minister. "I'm making a high-powered enquiry commission with a one-point agenda: how did they raise the debt to Rs 24,000 billion (240 crore) in 10 years?" He said that the commission shall comprise the FIA (Federal Investigation Agency), IB (Intelligence Bureau), ISI (the Inter-services Intelligence Directorate), FBR (Federal Board of Revenue) and SECP (Securities and Exchange Commission of Pakistan). The Pakistan Peoples Party and Pakistan Muslim League-Nawaz served in two successive terms since 2008 when Khan claimed debt increased. Khan said that the commission will include representatives of the Federal Investigation Agency (FIA), Intelligence Bureau (IB), Inter-Services Intelligence (ISI), Federal Bureau of Revenue (FBR) and Security and Exchange Commission of Pakistan (SECP). He said that those who were in helms of affairs during last 10 years will not be spared. Watch: Is the IMF bailout a Lifeline for Pakistan's economy? × "All those in power will be fully investigated by this commission which will prepare a report so that no one dares leave the country in tatters ever again," he said. "Even if my life goes, I will not leave these thieves alone. I had prayed to God to give me one chance. I will not leave them." He blamed the two previous governments for all ills including low growth, joblessness and devaluations. Khan's government has been heavily criticised for the politically-motivated arrests in corruption cases, but he defended them. Khan said he would not be "blackmailed" with protests. Talking about the recent arrests of the bigwigs, Khan said, "I am grateful to Allah, the big figures who are now jailed, no one could have imagined [it could be done]." "People are crying that Sharif and Zardari have been jailed [...] both of them used to call each other corrupt. Mian Nawaz Sharif jailed Zardari twice during his two tenures. The prime minister said that they [Nawaz and Zardari] came to an agreement that each would rule for five years and "not say anything to each other".

Imran Khan vows to go after 'thieves' responsible for Pakistan's economic woes 

Oil fell to about $53 a barrel on Wednesday, under pressure from rising output in major OPEC and non-OPEC producers and due to concerns about an economic slowdown that could weaken demand.

Russian production hit a post-Soviet record in 2018, figures showed on Wednesday.

Earlier this week, official data showed US&nbsp;output reached a record in October and Iraq boosted oil exports in December.

Brent crude fell 72 cents to $53.08 a barrel at 1055 GMT. On Dec. 26, it hit $49.93, the lowest since July 2017. U.S. crude slipped 56 cents to $44.85.

"The omens are far from encouraging," said Stephen Brennock of oil broker PVM, citing rising non-OPEC supply and the likelihood of further increases in oil inventories.

"The current bearish bias will therefore continue in the near term and it stands to reason that oil will struggle to break out from its current trough," he said.

Oil fell in 2018 for the first year since 2015 after buyers fled the market in the fourth quarter over growing worries about excess supply and the economic slowdown.

Surging shale output has helped make the United States the world's biggest oil producer, ahead of Saudi Arabia and Russia. Oil production has been at or near record highs in all three countries.

U.S. President Donald Trump celebrated the low prices. "Do you think it’s just luck that gas prices are so low, and falling? Low gas prices are like another Tax Cut!" he wrote on his official Twitter account on Tuesday.

Adding to concern about a slowing global economy, a series of purchasing managers' indexes for December mostly showed declines or slowing manufacturing activity across Asia, the main growth region for oil demand.

Independent market analyst Greg McKenna said in a note on Wednesday that it was "difficult for traders and investors to ignore what looks like a genuine global economic slowdown."

Signs of rising production illustrate the challenge facing the Organization of the Petroleum Exporting Countries and its allies including Russia, which are returning to supply restraint in 2019 to support the market.

However, the energy minister for the United Arab Emirates, an OPEC member, said on Tuesday he remained optimistic about achieving a market balance in the first quarter.

Oil fell to about $53 a barrel on Wednesday, under pressure from rising output in major OPEC and non-OPEC producers and due to concerns about an economic slowdown that could weaken demand.

Oil fell to about $53 a barrel on Wednesday, under pressure from rising output in major OPEC and non-OPEC producers and due to concerns about an economic slowdown that could weaken demand. Russian production hit a post-Soviet record in 2018, figures showed on Wednesday. Earlier this week, official data showed US output reached a record in October and Iraq boosted oil exports in December. Brent crude fell 72 cents to $53.08 a barrel at 1055 GMT. On Dec. 26, it hit $49.93, the lowest since July 2017. U.S. crude slipped 56 cents to $44.85. "The omens are far from encouraging," said Stephen Brennock of oil broker PVM, citing rising non-OPEC supply and the likelihood of further increases in oil inventories. "The current bearish bias will therefore continue in the near term and it stands to reason that oil will struggle to break out from its current trough," he said. Oil fell in 2018 for the first year since 2015 after buyers fled the market in the fourth quarter over growing worries about excess supply and the economic slowdown. Surging shale output has helped make the United States the world's biggest oil producer, ahead of Saudi Arabia and Russia. Oil production has been at or near record highs in all three countries. U.S. President Donald Trump celebrated the low prices. "Do you think it’s just luck that gas prices are so low, and falling? Low gas prices are like another Tax Cut!" he wrote on his official Twitter account on Tuesday. Adding to concern about a slowing global economy, a series of purchasing managers' indexes for December mostly showed declines or slowing manufacturing activity across Asia, the main growth region for oil demand. Independent market analyst Greg McKenna said in a note on Wednesday that it was "difficult for traders and investors to ignore what looks like a genuine global economic slowdown." Signs of rising production illustrate the challenge facing the Organization of the Petroleum Exporting Countries and its allies including Russia, which are returning to supply restraint in 2019 to support the market. However, the energy minister for the United Arab Emirates, an OPEC member, said on Tuesday he remained optimistic about achieving a market balance in the first quarter.

Oil falls to $53 on economic worries, surging supply

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