Economy unfortunately not managed properly in the past, says PM Imran Khan

Prime Minister Imran Khan regretted on Thursday that the country's economy has been mismanaged in the past.

The premier was performing the groundbreaking of Farash Town apartments in Islamabad on Thursday under the Naya Pakistan Housing programme.

He said such loans were taken in the past which instead of wealth creation further increased the burden of loans.

The premier said the government is focusing on wealth creation projects to retire the country's debt.

He said these include Ravi City and Central Business District in Lahore whilst negotiations are being held with the Sindh government to develop the Bundal Island. He was confident that these projects will attract major investments.

He said the projects to be executed under the Naya Pakistan Housing project and will also uplift the 30 industries allied with the construction sector.

Speaking about the apartments in Farash Town, the premier said  a plan has been prepared to convert slums and equip them with modern facilities, including that of sanitation and sewerage. He said the slum dwellers will be given houses on proprietary rights.

The apartments are expected to be completed within two years.

He said  a mortgage facility has been introduced to provide loans to the people on easy instalments so that they could construct the houses. He said negotiations are continuing with banks to remove any impediments.