Economy has achieved stability at macro level: Shaukat

Prime Minister Shaukat Aziz has said that the national economy has achieved stability at macro level, which has been made possible because of vigorously pursued financial policies and energetic efforts made by the government in this field during the last five years. He was addressing the cheque distribution ceremony arranged by National Accountability Bureau (NAB) regional office for the victims of co-operatives scam, here on Thursday.
Cheques amounting to Rs 210 million were distributed to as many as 2000 victims.
Governor Punjab, Lieutenant General Khalid Maqbool (Retd), Chief Minister, Chaudhry Pervaiz Elahi, NAB Chairman, Lieutenant General Munir Hafeez, Punjab Co-operatives Liquidation Board (PCLB) Chairman, Brigadier Farooq Maan (Retd) and other senior officials were also present.
The Prime Minister maintained that strengthening national defence and security of the country was top most priority of the government, in addition to improving the economy, which was vital to boost the image of Pakistan abroad.
'Since Pakistan is considered a citadel of Islam, the development of Pakistan is the development of whole Ummah," Shaukat Aziz said. He stated that a number of well-known international figures were visiting Pakistan and consulting its leadership on important international issues meaning Pakistan enjoys dignified place in the comity of nations.
Counting the achievements of post-1999 era, the Prime Minister said: "In 1999 the country had reached on verge of bankruptcy and was about to be declared defaulter by the international bodies, but today it should be a matter of great pride for all of us that we have steered through it and also broken the begging bowl."
He said that federal and provincial governments were functioning smoothly and discharging duties in supreme national interest, adding today various welfare-oriented public schemes for the masses were being executed.
Shaukat Aziz further said that key focus of his government was on generating job opportunities and to achieve this goal, such welfare and uplift schemes were launched, which could benefit all segments of society including peasants, labour community, government officials and general public as well. About the price hike, the Prime Minister said that steps were being taken to control inflation and provide relief to masses.
Coming to the financial scams of the past, Shaukat Aziz said his government was making all-out efforts and enacting laws to curb plundering of national wealth and public money through fraudulent means. He, however, appealed to the public to remain cautious of plunderers and only keep their money in banks, national saving schemes and the schemes approved by State Bank of Pakistan and Securities and Exchange Commission of Pakistan (SECP).
The Prime Minister lamented that no past government took any notice of the co-operative scam during 1990s but the government of President Musharraf, who took the bold initiative for the repayment of the money to the sufferers five years ago. Pakistan, he added, under the leadership of President Musharraf has made a lot of progress.
Lauding the role of NAB, Punjab Co-operatives Board for Liquidation and the government for recovering the looted money and paying back to the victims, Shaukat said that federal government had provided Rs 500 million for repayment to the co-operative scam victims.
Earlier, Chairman Punjab Co-operatives Board Brigadier Muhammad Farooq Maan (Retd) said that from July 2001 onwards, they had paid as much as Rs 2.5 billion to as many as 35 thousand victims of 102 defunct finance corporations, besides clearing payment to the tune of Rs 1.75 billion to the lending banks.
"So far we have paid to 70 percent of the sufferers while the remaining will also be paid in due course of time," he stated.
Farooq Maan pointed out that most of the victims have received 100 percent payments while some have been paid 50 percent of their lost amount.
Later, talking to a delegation of industrialists here at Governor's House, Shaukat Aziz hoped that Pakistan would be ranking among ten fast growing economies of Asia within one year.
'Pakistan's overall economic growth rate was 7 percent while industry was growing at the rate of 11 percent. The industrial sector of the country had received all-time high investment in the last three months', he said.
The Prime Minister informed the delegation that the process of repair of barrages, canals' remodelling and brick-lining of watercourses was underway, which will help ensure the conservation of the available water resources. "We could bridge the gap between the availability and demand of water through construction of new reservoirs."
Talking about the increase in price of crude oil in the international market, Shaukat Aziz said that the prices of petroleum products have shot up to $57 per barrel. However, despite surge in the oil prices in international market, Pakistan government provided a subsidy of Rs 40 billion in order to keep the petroleum prices stable. Because of such steps prices of petroleum products were still far cheaper in Pakistan as against its neighbouring countries, he claimed.
About the prices of essential commodities, the Prime Minister said that they could be kept stable through ensuring ample supply of commodities in the market and that was why the government timely imported wheat. He, however, said due to bumper crop this year there would no need to import wheat during the next season.
About holding of local bodies' elections, Shaukat Aziz said it would be hopefully held in July.
About Pay and Pension Commission, he said it would finalise its report within fortnight and government would provide relief to the salaried class in the coming budget in the light of recommendations of the Commission.