State Bank of Pakistan (SBP) Governor Dr Ishrat Hussain on Sunday said the economy of the country is strengthening due to effective and prudent policies of President General Pervez Musharraf and the trend of foreign investment is also increasing.
Talking to the newsmen at the residence of former federal finance secretary Dr Moeen Afzal at Chak 13/14-L here, the SBP governor said when General Musharraf took over in 1999, the forex in national exchequer was $1 billion, but now the same has swelled to $12 billion.
He said foreign companies have made investment of $1.5 billion during the last one year in the country while a number of foreign companies are also taking interest for making investment in Pakistan.
"We have stood on our own feet as a result of investment-friendly policies of the present government", he said, and added: "Now we need not borrow any more from any country."
To another question, the SBP governor said the agriculture sector is the backbone of country''s economy, and added that far-reaching policies are being formulated for the promotion of this sector.
He said the limit of agriculture loan has been increased from Rs 36 billion to Rs 120 billion.
All possible resources are being exploited for the prosperity of the rural population, he said, adding the agriculture loan advancing procedure has been simplified to the maximum extent to facilitate the small farmers and growers.
Taking notice of a complaint from a consumer, he directed the Multan SBP chief manager to make all the branches of the banks bound to receive utility bills from the consumers without any delay, and new counters should be opened for this purpose.
Dr Ishrat said there is no proposal under consideration of the government to issue the coin of Rs 10 denomination and currency note of Rs 2,000 denomination.