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Real estate is biggest mafia in Pakistan: Imran Khan

ANI | Updated: Nov 23, 2022 23:45 IST

Karachi [Pakistan], November 23 (ANI): Former prime minister of Pakistan Imran Khan addressed a seminar on the economy in Karachi. While addressing the seminar Khan mentioned that real estate had become the biggest mafia in Pakistan.
As it takes over land from the government and then sells it to the general public finally selling the yield abroad, The Dawn reported.
Land record and maps of Islamabad shows that was found by the PTI government shows that land worth Rs 1.2 trillion (Pakistan's currency) had been encroached on by the in-question land mafia. He further mentioned that for the revival of the economy it is mandatory to have a free and fair election. Whichever government gets to run the country after the election has to take some desperate measures to revive the falling economy of Pakistan. As further in his address, he mentioned that the economy is now moving towards a default.
PTI chief Khan further said that there is a need for stable politics with the help of which economic strength can be gained. According to The Dawn's report, Khan said that people don't invest unless they are sure what is going to happen in the economy. While referring to the credit swaps and the default of payments on international loans on the part of the country he said that no one can predict what will happen in Pakistan within a month.

The major part of the speech was about highlighting the importance of exports for building an economy that is able to survive the shifts in the economy. He also said that 88 per cent of businessmen in Pakistan believed that the economy is on the wrong track. And Khan also highlighted that the only way to restore the confidence of these businessmen is by holding fresh elections.
Referring, to his policies in which his regime had let the amnesty schemes be administered without making it mandatory that the benefits from the scheme must be invested back in the country's economy.
PTI chief energy sector expert, Asif Ali Qureshi had mentioned many problems with the energy sector. He said the power was in debt of Rs. 2.3 trillion and the gas sector was in debt of Rs. 720 billion. He further disclosed that the budgetary allocation towards the power sector was just Rs 1.1 trillion, according to The Dawn.
Qureshi, further also mentioned that the transmission and distribution loss amounted to Rs. 170 billion approximately and the money attained by the sector as bills was about Rs. 230 billion. He also mentioned that the whole sector needed desperate modernisation as most of the refineries in Pakistan were based on old technologies. And three fourth oil of the country was transported via roads which also is hazardous. In the same address, he said that the port is used for importing oil but there is a need for a land-based LNG terminal as well as maintaining petroleum reserves.
And further to stop an economic collapse the government should extend the tenures of the debts owned by major power plants of the country, it must further be noted that the public sector power plants do hold 45 per cent of capacity payments.(ANI)