LAHORE: Federal Minister for Finance Ishaq Dar on Saturday said the US dollar price would be brought down urging the investors to encash their dollars to avoid losses.
Addressing the All Pakistan Textile Mills Association (APTMA) award ceremony here at the Governor's House, he criticized the ‘pseudo intellectuals’ regarding their predictions of devaluation of rupee and increase in the US dollar price.
The US dollar price would be brought down, he said and urged the investors to encash their dollars to avoid losses.
Dar said the textile industry would get gas for two days a week as per decision of the federal government.
The government is taking tangible measures to overcome the energy crisis in the country and 41,000 mega watts power will be added to the system in next few years, he said.
The finance minister said increase in the electricity prices was due to the bad economic policies of previous regime. The government will announce petroleum and gas policy next year, he added.
Dar congratulated the textile industry and the nation on behalf of Prime Minister Nawaz Sharif on achieving GSP (Generalised System of Preferences) plus status in the European Union (EU) markets.
This indicates trust of the European Union in the policies of Pakistan Muslim League-Nawaz (PML-N) government under the leadership of PM Sharif, he added.
The minister said the preferential market access to the Pakistani products to the European markets would help boost country's ailing economy, revolutionise the textile sector, fight the menace of terrorism, and build infrastructure.
He said the government had been pursuing the policy of trade and investment rather than aid. The premier during his visit to the United States refused any assistance and demanded market access, he added.
About the Prime Minister's Youth Business Loan scheme, he said the project would bring economic revolution in the country as the youth made up 50 per cent of the population.
He said the textile industry was the backbone of country's economy. It could easily double the exports from $13 billion to $26 billion, he added.
Dar said the PML-N government had given a three-year macro development programme to the nation rather than a one year budget. It was committed to establish macro-economic stability in the country. The fiscal deficit would be reduced from 8.2 to 4 per cent in the next three years, he added.
About the IMF loan, Dar said it was inevitable as the bad policies adopted by previous regimes were responsible for the current economic situation.
Talking about the economic achievements of government, he said it had paid liabilities worth $3 billion of the previous government and fulfilled the sovereign commitments as a dignified nation. It has achieved 5 per cent GDP growth due to its economic reforms, he added.
Endorsing the idea of privatisation for better economic activity by APTMA Group Chairman Gohar Ijaz, the minister said the government would privatise some of the institutions.