'Pak economy on downslide due to capital flight'
Wednesday, 6 August 2008
QUETTA: Aug 5 (APP): President Pervez Musharraf said here yesterday 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 Centre in Quetta and up-gradation of trade development authority.
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 Centre in Quetta and up-gradation of trade development authority.