Hussain Ahmed Ozgen, President, Rawalpindi Chamber of Commerce and Industry (RCCI), has lauded the repayment of 1.17 billion dollars debt to Asian Development Bank (ADB) and hoped that this would certainly improve the socio-economic structure of the country and help boost the country's economy.
He was talking to journalists here in chamber office on Saturday.
Ozgen termed this a historical achievement of the present government and said that this development in the country would prove beneficial for the country's economy and increase the development budget of the country.
It would increase the confidence of foreign investors on country's economic structure and investments would come to the country in all sectors, he added.
This, RCCI chief said, was result of the good and consistent policies of the present government.
He said that the government took these loans form ADB on 6 percent to 11 percent interest and this is encouraging to note that Pakistan made the payment well before the time.
Ozgen called upon the government to make strong efforts to pay back other 1 billion dollar loan early to ADB. He said because of consistent policies the mark-up rate also came down to single digit.
Ozgen said that 4 years back the budget deficit of Pakistan was 5 billion dollars and now it is 5 billion surplus. Similarly, our external debt also has been brought down from 39 billion dollars to 33.5 billion dollars.
He said Euro Bond would also put positive impact on Pakistan economy as Pakistan is entering in world market on second week of February.
Responding to a question RCCI chief said that at present investment was taking place in large-scale industries ie textile and engineering.
He said it is high time for us to focus on development of Small and Medium Enterprises (SMEs) in the country as this sector can rightly be declared as back bone of any economy, he added.
Comments
Comments are closed.