4-5 billion dollars required in 30 days for economic stability: Tareen

January 2009
M	T	W	T	F	S	S
« Dec
	1	2	3	4
5	6	7	8	9	10	11
12	13	14	15	16	17	18
19	20	21	22	23	24	25
26	27	28	29	30	31

(No Ratings Yet)

Loading ...

Posted on October 23rd, 2008 by admin
Free Tools: Link Me ^(New)

Print This Post 131 views

ISLAMABAD: Advisor to prime minister on finance Shaukat Tareen said that Pakistan needs four to five billion dollars in thirty days for stabilizing the country’s economy and it has three plans ready for meeting the crisis challenge.

Shaukat Tareen said that our market became nervous due to decline in reserves and seeking the IMF help would be the final option.

Addressing a press conference here on Thursday, the advisor on finance told that three plans – A, B and C – have been prepared and there is very little time for working on them.

He said that the currency went down due to decline in the foreign exchange reserves and to support the economy we took the first step by providing Rs270 billion to the market and converted the brokers loans into one-year term finance.

Tareen said that if the plans A and B fail and cash does not come then we would go to plan C.

Replying to a question, he said that we would give guarantee to A-rated DFC and it would be our priority that Europe and the United States open market for Pakistan.

The advisor on finance told that foreign exchange would be obtained through sale of cotton in November.

He said that the government would establish funds consisting of public sector companies which would be sold to overseas Pakistanis.

Sahukat Tareen said that funds would be sold to overseas Pakistanis after purchasing from seven to ten institutions.

He said that the NIT funds is being formed to which five billion rupees would be provided and the situation would be cleared by November 15.