ISLAMABAD – Prime Minister Imran Khan has assured the nation that the government will overcome inflation in the country caused by the flawed policies of previous regimes.
Addressing a public gathering in Mianwali on Friday after performing the ground-breaking of a number of welfare projects, the prime minister once again recalled that his government had inherited multiple economic issues including low foreign exchange reserves, a huge circular debt, and fiscal and current account deficits.
He said the previous administration had been spending reserve dollars to stabilise and maintain the value of the local currency against the dollar. He said PTI government had not found enough dollars to follow suit so a correction strategy followed.
As a result, the value of the rupee against the dollar depreciated by 35 per cent.
Prime Minister said it was the rupee devaluation that opened the floodgates for inflation.
Imran Khan, however, said the country’s economy is on a correction course and the measures taken by government’s economic team have now started yielding results. He said rupee has stabilized and the current account deficit has been reduced for the first time in four years.
Prime Minister said the economy has now adopted the right direction and as a result the confidence of foreign investors is restoring in the Pakistan’s economy, businesses are returning to the country and the Pakistan stock market is picking up.
The Prime Minister said those who were standing on the containers are actually scared of the success of the government on the economic front.
Imran Khan said he has not come to power to protect his seat but to protect the country against the corrupt mafia.
He stated in categorical terms that he will not give any deal or relaxation to this mafia as it will amount to treason.
Imran Khan said the local government system envisaged by present government for Punjab and Khyber Pakhtunkhwa will help empower the people at the grassroots level.
He said the local government elections will be held in the next few months.
The Prime Minister said under this system, finance commissions will be established in the provinces which will distribute the finances to the district and village level.
Imran Khan said non-party local bodies elections will be held in the villages which will empower the locals to monitor the health and education facilities.
Direct elections will be held in the cities where Nazims will be elected and made responsible for addressing the problems of the people.
The Prime Minister said the projects launched today including the mother and child hospital are just a beginning.
He said apart from this Mother and Child Hospital; another state of the art hospital will be established in Mianwali.
In his remarks on the occasion, Punjab Chief Minister Usman Buzdar said development of the backward areas is the top priority of the present government. He said Mother and Child hospitals will also be established in other districts of the province.
