Economic crisis could be averted: Zardari

By OUR PAKISTAN CORRESPONDENT

Islamabad

Oct. 23: Pakistan President Asif Ali Zardari on Thursday said the current economic turmoil could have been averted had billions in assistance and remittances been wisely spent on infrastructure development.

"We could have averted the present difficult economic situation if tens of billions of dollars received in assistance and foreign remittances during the past several years after 9/11 had been wisely spent on infrastructure development instead of importing consumer goods," Mr Zardari said while talking to businessmen here at the President’s House.

The President asked the businessmen to step forward and play their role in overcoming the current economic and financial difficulties. Stressing the need for innovative and bold approaches, he gave the example of Dubai which despite its tiny size and small population had attracted hundreds of billions of dollars in investment. He pointed out that it even attracted tourists on a large scale by developing a sizeable tourism industry.

Mr Zardari said that he will hold similar consultative meetings with representatives of business, industry and commerce sectors in future also.

Mr Zardari also assured the businessmen that the government is taking up measures to curtail the interest rate and the directives in this connection have been issued to the finance ministry.

He said that meetings of relevant ministries with representatives of different sectors of business and industry should be held on a regular basis to propose solutions to the problems particular to that sector. He asked advisor on finance Shaukat Tareen to meet business representatives on a regular basis.