China provided $5 billion to Pakistan in 3-4 months: PM

LAHORE: The agreement with the International Monetary Fund (IMF) would not have been possible without the support of China, Prime Minister Shehbaz Sharif said on Saturday.
China gave $5 billion in 3-4 months, he said while talking to the representatives of the Lahore Chamber of Commerce and Industry (LCCI) and renowned businessmen and industrialists here at Governor’s House Saturday.
The Prime Minister said the wrong decisions of the previous government damaged the reputation of the country at the international level. “Unfortunately, personal interest was preferred to national interest,” he said, adding that the previous government damaged ties with the US while the coalition government improved relations with Washington.
Punjab Governor Muhammad Balighur Rehman, LCCI President Kashif Anwar, Senior Vice President Zaffar Mehmood Chaudhry, Vice President Adnan Khalid Butt and a number of former LCCI presidents and business tycoons including Shahzad Ali Malik, Mian Misbahur Rehman, Almas Haider, Muhammad Ali Mian and Mian Anjum Nisar attended the meeting. Federal Finance Minister Ishaq Dar participated in the meeting through video-link while high-ups of various departments were also present.
The Prime Minister said the government was taking all possible measures for promotion of industry and agriculture; however, in the given circumstances and in the face of grave challenges, industrialists and business community would have to play their role even more actively for enhancing exports and stabilising the economy.
He said that industrialists and business community had vast experience in production and they were playing a pivotal role in the country’s economy. The business community should also consider the facts that despite having rich resources, why Pakistan’s economy was unable to achieve the desired targets and its full
potential, he said, citing that Bangladesh textile sector totally rely on imported cotton, but it was developing fast and gaining a niche in the global market, while Pakistan’s textile was losing competition in the export markets.
He asserted that Pakistan had been producing 14-billion-cotton bales, but today, it had decreased to mere five-billion bales and it was a collective failure. “We are living in a regime where industry has become nothing but rental income, as we are not ready to face challenges or to adopt modern technology,” he regretted and added that support and subsidies from the government had not be materialised properly,” he observed.
The prime minister recalled that as the Punjab chief minister, he had constructed farm-to-market roads in the province with a cost of Rs 100 billion, and these roads should have been constructed through the Sugarcane Cuss Fund.
He said that in 1990, the then prime minister Nawaz Sharif had started economic reforms, which produced the best results, and the other countries also adopted that reforms model and progressed. He said that the developmental projects, initiated by Nawaz Sharif during his tenure, were delayed and their costs increased by 30 to 40 billion rupees, which could be spent on research centres of various crops and industrial sectors development.
Meanwhile, former President and President Pakistan People’s Party Parliamentarians Asif Ali Zardari met Prime Minister Shehbaz Sharif here on Saturday.
During the meeting, they discussed in detail the political situation in the country.
Meanwhile, the newly elected office bearers of Old Ravian Union called on Prime Minister Shehbaz Sharif here on Saturday and discussed matters of mutual interest.
Minister for Law and Justice Azam Nazeer Tarar who was an alumni of Government College University was also present on the occasion.
The prime minister said Government College University had undoubtedly rendered invaluable services in the field of education.
Government College University was a prominent educational institution that produced many famous personalities and the students who received education from the university were performing important roles in different walks of life.
The office bearers said it was a matter of pride for them that the prime minister himself was educated at the Government College.
The prime minister cheerfully remembered the teachers and students of his student life days.
He expressed resolve to provide all possible support to the Old Ravian Union in its projects for the spread of education and the welfare of people.
The delegation of the Old Ravians presented a commemorative shield and photograph to the prime minister.
Meanwhile, Prime Minister Muhammad Shehbaz Sharif on Saturday said that Pakistan joined the brotherly people and government of Turkiye in commemorating the seventh anniversary of Democracy and National Unity Day being observed today.
On his Twitter handle, the prime minister said that while recalling the supreme sacrifices of the brave Turkish people, they paid their rich tribute and respects to the martyrs who valiantly resisted the heinous attempt to deprive them of democracy and basic rights.
“This historic & epoch-making day in 2016 also represented unwavering faith & profound trust in the dynamic leadership of my brother President Recep Tayyip Erdogan,” he added.
The prime minister further observed that the takeaway of the day was that the nations could overcome any challenge with the power of unity, fraternity and deep bonds.
Meanwhile, Prime Minister Muhammad Shehbaz Sharif Saturday visited the residence of chief of Istehkam-e-Pakistan Party Jahangir Tareen and condoled over the death of his brother.
The prime minister offered fateha for Alamgir Tareen, brother of Jahangir Tareen.
He prayed for the elevation of ranks of the departed soul in Jannah and for grant of patience to the bereaved family. – APP, NNI