Federal Minister for Planning and Development Ahsan Iqbal took charge of his office on Tuesday and was welcomed by senior officers and staff of the ministry.

Speaking to the media, Ahsan Iqbal said he was taking charge of the ministry for the fourth time, and the plans they made each time had been hampered by political instability.

"No country can develop without the continuity of policies. The era we are entering is influenced by digital technology, and new production systems are being developed under digital technology. We have to incorporate technology in every sector," he maintained.

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The minister further said there was a huge opportunity for Pakistan in the form of phase two of CPEC. "Our coalition government has restored the confidence of China in CPEC. We are ready to start five new corridors with China under the project. We will implement China's offer with full determination," he asserted.

He further said Chinese investment of $25 billion was made possible in the first phase. "There is very little room in Pakistan's economic situation. Our budget is running entirely on loans," he added.

The minister further remarked that over Rs7.5 trillion were needed to repay loans, adding that running expenses, salaries, pensions, and subsidies were in addition to this. "All these expenses are being met by taking more loans," he lamented.

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Iqbal said no economy could sustain this way. "In 2018 and 2022, the previous government burdened the nation with debts. The previous government borrowed 80% of the country's loan history. The country was thrown into the mire of debts due to incompetence," he insisted.

President Asif Ali Zardari administered the oath of office to a 19-member federal cabinet on Monday. The oath-taking ceremony was held on Monday afternoon at the President House, which was also attended by Prime Minister Shehbaz Sharif, among others.

Prime Minister Sharif had forwarded a list of the 19 federal cabinet members to President Zardari under clause 1 of Article 92 of the Constitution.