ISLAMABAD: Prime Minister Imran Khan on Friday said circular debt had been reduced from 36 billion rupees to 12 billion rupees in a month.

While talking to reporters in Islamabad, the prime minister said the government paid 10 billion dollars loan in the first year, which saved Pakistan from default. He said if Pakistan had defaulted, dollar’s value would have gone beyond 200 rupees as the country would have to face sanctions. He said the country had only two weeks foreign exchange reserves when PTI came to power.

Imran Khan said the last government left 1,250 billion rupees circular debt in power sector, which compelled the government to increase electricity prices. He said circular debt had also been reduced from 36 billion rupees to 12 billion rupees in a month. He said the government also controlled electricity theft worth 100 billion rupees. He said the government was committed not to further increase electricity prices. He said the last government struck LNG contract with Qatar for 15 years at higher rates and today, gas was available at low rates.

Also Read: Export the only way to increase dollar reserves, says Abdul Hafeez Sheikh

“The government reduced current account deficit by 75 percent in its first year, which is a big achievement,” Imran Khan said.

He said the government successfully dealt with difficult economic situation with the cooperation of friendly countries including Saudi Arabia, China and the UAE, and today current account deficit stood at 2.5 billion dollars.

Imran Khan said the country enjoyed unprecedented respect and a historic positive image in the world today due to the government’s successful policies.

The prime minister said the government was investigating the recent flour and sugar crisis, and the facts in this regard will be brought forth. He said a system will be developed to ensure that such a situation does not develop again. He said there were cartels in the country, which increased prices, and the government will tackle them. He said Competition Commission will be made effective.

Responding to a question, the PM said corruption had to be eliminated for real growth in the country. He said the government was committed to act against corrupt elements.

To another question, he said the government will introduce electoral laws, which will ensure transparent elections through technology so that no one could make allegations of rigging.

Responding to another question, the Prime Minister said the opposition does not want the government succeed and resorts to destabilizing acts. He said these people have no concern for the people or the country and they are doing politics for their personal gains.