Pakistan News

Dollar hike: ‘Don’t worry’, PM Imran tells nation

ISLAMABAD: Prime Minister Imran Khan on Friday said that people should not worry about the recent hike in the price of United States (US) Dollar against Pakistani Rupee, adding that his government was taking steps to ensure that a shortage of dollars would not exist in the future.

 

Addressing a ceremony to announce the launch of a car manufacturing plant being set up under a joint venture of JW of Pakistan and Forland from China (JW Forland), the premier said that he was getting phone calls about the recent devaluation of Pakistani currency as the dollar climbed an all-time high of Rs142 in the interbank.

 

“I want to tell everyone not to worry about the dollar hike. There is an adjustment taking place. We are taking steps which will ensure that there won’t be a shortage of dollars in Pakistan,” Khan told the audience.

 

The prime minister highlighted that Pakistan’s biggest problem was the ensuing current account deficit which stood at almost $18.5 billion, adding that the government was tasked with overcoming the deficit.

 

“When there is pressure on the dollar, the exchange rate increases,” the premier explained.

 

PM Khan stressed there was a need for a change in mindset, emphasising that his government had made investment easier as it creates jobs and brings dollars in the country.

 

The premier also spoke on ease of doing business for investors, which in turn would attract more investors.

 

“There is a need for technological transfer, which was among the areas of focus during my trip to China,” he added.

 

“For the first time in Pakistan’s history, a complete car manufacturing plant is being set up and it would create 5,000 jobs that would increase to 35,000 in the future,” the premier assured the nation.

 

In his address, Deputy Director of Hunan Provincial Commercial Department Gan Xuelian said China was advocating the Belt and Road plan and building an economic corridor with Pakistan to promote cooperation.

 

He said consequent to this policy, Foton Motor Group and Ruba Group established a joint venture company – JW Forland – and built the China-Pakistan Automobile Industrial Park.

 

Chinese Ambassador Yao Jing, on the occasion, said PM Khan, during his visit to China, had successfully taken on board the Chinese leadership for his plans of public welfare.

 

He said besides the leadership, the business community was also convinced that Pakistan was a strong partner of China.

 

The ambassador said China would always support Pakistan so it emerges as a strong economy with a bright future.

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