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Prime Minister Yousuf Raza Gilani said here on Monday that the IMF facility was the only viable option at the moment to acquire economic stability, contain inflation, build forex reserves and arrest budgetary deficit. He was speaking at the award distribution ceremony of 32nd Export Trophy Awards of FPCCI.

Sindh Governor Dr Ishratul Ibab Khan, Chief Minister Qaim Ali Shah, Commerce Minister Amin Fahim, and Minister for Textile Industry Mohammad Farooq Saeed were also present on the occasion. Gilani said that the government had been able to convince the IMF with great efforts to provide an emergency loan to restore investors' confidence in the country.

He said that the government had inherited economic crisis, mounting fiscal and trade deficit and dwindling foreign exchange reserves. He said that the government was developing a long-term strategy to address the economic challenges through focus on education, vocational skills, healthcare, infrastructural development, energy sector and efficiently handling of water shortage.

"We are making concerted efforts to secure economic stability, strengthening institutions, empowering the weaker segments of the society, gender development and decision making process to ensure better living standards of the people", he said.

The Prime Minister said that Pakistan is located at the hub of vital regions--South Asia, Central Asia and West Asia--providing shortest access to the sea for landlocked countries of Central Asia and Central China. He suggested to business community to tap these potential markets to enhance trade, ultimately helping the country to gain economic stability.

Copyright Associated Press of Pakistan, 2008


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