Amid ailing economy, Imran Khan to mortgage Islamabads biggest park to get loan – About Your Online Magazine


  • According to a report by Dawn, the proposal to mortgage F-9 to obtain a loan of $$500 billion will be included on the agenda of the next meeting of the federal cabinet, scheduled for Tuesday. The F-9 park is one of the largest covered green areas in Pakistan.

ANI, Islamabad

PUBLISHED ON JANUARY 24, 2021 19h04 IST

To overcome Pakistan’s economic crisis, Prime Minister Imran Khan is considering mortgaging the largest park in Islamabad to obtain a loan of around $$500 billion.

According to a report by Dawn, the proposal to mortgage F-9 to obtain a loan of $$500 billion will be included on the agenda of the next meeting of the federal cabinet, scheduled for Tuesday.

The meeting will be held via videoconference organized at the Prime Minister’s House and in a cabinet room in the Cabinet Division.

The F-9 park, named after Madar-i-Millat Fatima Jinnah, spans 759 acres of land. It is one of the largest covered green areas in Pakistan.

Citing reports, Dawn pointed out that this decision was made due to the financial problems facing the government.

This occurs amid declining relations between Pakistan and its two largest sources of foreign remittances and foreign exchange – Saudi Arabia and the United Arab Emirates (United Arab Emirates).

Last August, Saudi Arabia asked Pakistan to prepay a $ 3 billion soft loan. Islamabad tried to defuse tensions by quickly dispatching his current army chief, General Qamar Javed Bajwa. However, Saudi Arabia did not yield to its demand.

The United Arab Emirates, which is Pakistan’s second largest source of foreign remittances, has recently banned the issuing of work visas to Pakistani workers.

Chancellor Shah Mahmood Qureshi’s recent visit to the United Arab Emirates failed to lift the ban, much to Islamabad’s disappointment.

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Paula Fonseca