Economy on downslide due to capital flight: Musharraf




QUETTA: President Pervez Musharraf said here Monday that the country’s economy was on a downslide because of the capital flight and unsatisfactory law and order situation in the country.

Addressing a delegation of business community, the President said that the elected government was making efforts to overcome the challenges faced by the country internally and externally.

He said that hike in prices of oil, wheat and edible oil in the international market was a serious challenge because of negative impact on the economy of the country.

The President stressed the need for measures to stop capital outflow and encourage inflow of money in the form of foreign investment. He said that peace in the country could rebuild the trust of foreign investors.

Earlier, the business community informed the President of negative impact of increase in the rate of bank interest and demanded construction of roads and small dams in the province.

They mentioned the benefits of the mega projects in various parts of the province and said that the government must focus on constructing more dams in Zhob, Qila Saifullah, Qila Abdullah, Pishin, Kalat and Mastung areas.

The delegation demanded extension of Trickle Irrigation System to other districts, waiver of agricultural loans as announced by the President during his previous visit to Balochistan, an end to power load-shedding, establishment of apple treatment plant and Bostan Industrial Zone in Balochistan, proper representation for the traders of the province in foreign delegations and exhibitions, establishment of an Expo Center in Quetta, Up-gradation of Trade Development Authority and measures for expediting construction work on various highways in Balochistan.

The President assured his full support to the business community. He prayed for the success of the coalition government in the Center and the province and said he would work happily with all those who work for development and prosperity of the country and Balochistan. The President advised the business community to invest in power generation and help the government overcome the energy shortage.

He underlined the importance of Kachi Canal Mirani and Sabakzai dams and said that these projects would irrigate more than 0.8 million acres of land. He asked the growers to cultivate wheat, sun flower, cotton, canola and other crops.

The President expressed disappointment over delay in completion of road projects and mismanagement of funds in Quetta Water Supply Scheme and said that these projects must be completed within stipulated time.

He called upon the business community and political leaders of the province to unite and foil the attempts of those elements who were playing in the hands of foreign forces and were creating law and order situation in the province.

Governor Balochistan Nawab Zulfikar Ali Magsi, Chief Secretary Nasir Mehmood Khosa, Provincial Police Officer Saud Gohar and other senior officials were present on the occasion.

Of the Challenges

And a report from Karachi says; President Pervez Musharraf said on Sunday that the new elected government was striving to resolve the challenges confronting the country and he wants from the government to successfully complete its five-year tenure.

He was speaking at a dinner hosted in his honour by the business community here. The new government which, the President said, is elected by the people, is striving to resolve the issues confronted by Pakistan.

President Pervez Musharraf said he will pray to Allah Almighty to grant success to the new government. If the country grows prosperous, “I will be the happiest man”, he added.

Referring to his earlier address to the business community in the metropolis, he said he had expressed some views about the challenges for the country and in his opinion the country was still facing the same.
He said it was true that the economy of the country was on the downslide.

About extremism and terrorism, he said “we cannot take it lightly because it has direct impact on the stability of the country. He said he is aware of the uncertainty prevailing in the country as well as the reservation of the business community.

He said the development of the country was linked to the success of the elected government. He called upon the elected government to face the challenges, handle them and take the country and the nation forward.

President Pervez Musharraf said that an elected government was in the office and it is trying to tackle the prevailing situation in the country. He said his support was always available to the government and he would pray for the success of the coalition government.

He said if “we want to place Pakistan among the developed countries, we need democracy and consolidate it in the country”.

President Pervez Musharraf said his role is constitutional and it will remain as such. “Within that role, I will always abide by the Constitution “. He said this was the new government and we would have to give it some time to consolidate, to develop the country and get the results.

He said “Pakistan comes first and it is the responsibility of all of us. We love this country and all of us are patriotic”. He said “we have to look into the current issues and find ways to deal with them”.

Referring to the economic situation in the country, the President suggested “we have to quite clearly stop outflow of money and encourage an inflow of money.”

He said the investors whether local or foreign, will take into consideration the political stability and consistency of policies being pursued in the country.

To a suggestion for convening a roundtable of politicians, President Pervez Musharraf said he does not have any problem in meeting with any one.

About terrorism and extremism, he said “ time has come for us to make a decision for the nation and to decide what do we want for Pakistan and what of kind society do we want in Pakistan”.

He said it was clear that the masses have given the decision and rejected the extremists. “We should believe in ourselves, that the nation and the country are moderate and extremists are minimum”, he said.

He said only decision making does not suffice and “we have to fearlessly express our views and expressions”.

President Pervez Musharraf said the Inter Services Intelligence (ISI) is a very powerful organ and the first line of defense of the country.

He also called for political stability in the country and to give up the confrontational attitude.

He said that the year 2008 was critical for Pakistan to bring political stability in the country so that the economy recovers. He said there is a wrong impression in the world about Pakistan with reference to the Al-Qaeda, Taliban and extremists.

Earlier, Sindh Governor, Dr. Ishrat-ul-Ebad Khan, Sindh Minister for Industries and Commerce, Rauf Siddiqi and prominent businessmen including S.M. Munir, Mian Zahid also spoke.

Among other notables, MNAs Mrs Khushbakht Shujaat, Waseem Akhter and Nazim Karachi, Syed Mustafa Kamal were also present.