Highlighting that the depreciation of rupee added to Pakistan's indebtedness, Prime Minister Nawaz Sharif Wednesday said that country fell prey to International Monetary Fund (IMF) only due to wrong decisions taken by the past regimes. "The poor economic policies practiced by the previous governments forced us to borrow from the lender of the last resort. I wish we get out its jaws as soon as possible", said Nawaz while addressing a special meeting of the federal cabinet here. He mentioned that India had came out of the IMF programme and hoped that Pakistan's economic situation would also improve. Prime Minister said the government was also striving to overcome energy crisis and had devised a comprehensive long and short-term policy in this regard. He said projects were being launched to generate cheap electricity through coal, wind, hydel and solar resources. He said the nation was facing grave energy crisis again due to wrong policies of the previous governments. Sharif added that the government was also taking measures to cut down line losses and improve power distribution system, which could help reduce load shedding. He said Japan International Cooperation Agency (JICA) had committed to fund Karachi Circular Railway project. He said JICA would provide up to $2 billion for the project and Pakistan - Japan talks for this project would be initiated shortly. Finance Minister, Ishaq Dar , while briefing the federal cabinet said due to the government's economic measures in six months, the budget deficit had been reduced from 8.8 to 8.2 percent.
Most Popular Stories
- Dmytro Firtash, Ukrainian Billionaire, Arrested in Vienna
- Obama, Ukraine Discuss Russian Incursion in Crimea
- Federal Gov't Deficit Continues to Decline
- Russia Holds Large Military Drills in South
- Calumet Photo Files for Bankruptcy
- Venezuela Death Toll Reaches 28
- Ukraine Moves Closer to Joining E.U.
- Ukraine Loan Delayed While Congress Goes on Vacation
- Herbalife Puts Off Meeting for Icahn Talks
- Navarro Celebrates 2 Years of Vida Mia