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Nation fully capable to come out of current economic crisis: PM

ISLAMABAD, July 15 (APP): Prime Minister Muhammad Nawaz Sharif on Tuesday said, Pakistani Nation is fully capable of wriggling out of the current economic crisis as it has inherent potential to face challenges and withstand trials and tribulations. "All attempts to exploit post May 28 developments by the vested interests would fail and the nation would soon tide over its difficulties," he said while presiding over a high level meeting with leading economic experts, businessmen, and bankers at the Prime Minister House today. The Prime Minister said that the present phase is temporary one and soon be over. " Nothing is more precious than preservation of our political independence and territorial integrity". The Prime Minister said, that if any arm twisting tactic is applied to Pakistan, the country would resist it with full force and might." We will never submit to any amount of coercion or pressure," he said. He said in the history of nations, problems like sanctions sometimes prove to be a blessing in disguise. He went on to say that what we had done on May 28 was necessary to ensure our continued existence as an independent and sovereign nation. " Our security was endangered by our powerful neighbour and we had no option but to respond in kind to that threat". The Prime Minister made it clear that Pakistan is a peace loving country and it has no aggressive designs against any country. We strongly believe in economic and social development of the region, he observed. The economic situation was reviewed during the meeting in the light of post May 28 scenario and a number of suggestions were considered to improve the same.

Present economic woes to end soon: Tarar

ISLAMABAD, July 15 (APP): President Muhammad Rafiq Tarar Tuesday said present economic woes are temporary and the prevalent national spirit will help overcome these difficulties. The nation has opted for the present course to maintain its self-respect and honour, he told a Silk and Riyan Mills Association's delegation who, led by its chairman Khalid Ameen, called on him here. "We were fully cognizant of the fact that sanctions would be slapped on us and we would confront economic difficulties," said the President. But the present situation could not dampen the national spirit. The President said, after India made no secret of its aggressive designs, Pakistan had two options. It has either to accept billions of dollars given as aid and accept an ignominious way of life or to represent national feelings by going for an honourable way of living. Tarar eulogized the services of the businessmen and industrialists to show a sense of patriotism. He urged them not only to pay their taxes but also contribute to PM's self- reliance fund in a big way. The delegation assured full support of the trading community to the Government.

France prefers negotiations over sanctions: French Ambassador

ISLAMABAD, July 15 (APP): French Ambassador Gerard Yannick on Tuesday said France is opposed to economic sanctions to deal with new international issues, stressing that each nation should be listened to. "Whenever new international issues come up, France prefers negotiations and consultations and does not believe in imposing economic sanctions," Yannick said in his address on the French National Day while referring to "recent important political developments." Yannick, delivering his speech in both French and Urdu languages, said, Paris and Islamabad are linked through their independent foreign policies. "In this world which is witnessing the formation of different groups, the voice of each nation and country should be lent hearing." France, Yannick said, is ready to listen to every nation. He said, France and Pakistan have held in-depth discussions on bilateral, international and security issues in the last few months.

Saudi Arabia reaffirms full support to Pakistan

ISLAMABAD, July 15 (APP): The Kingdom of Saudi Arabia has Tuesday reaffirmed its full support of Pakistan at this hour of need, terming it as its duty. The assurance came from Saudi Crown Prince Abdullah bin Abdul Aziz, First Deputy Prime Minister and Head of the National Guards in a meeting with Pakistan's Finance Minister Sartaj Aziz and Chief Minister of Punjab Mian Shahbaz Sharif Tuesday afternoon at Jeddah. According to a press release received here, the Crown Prince Abdullah bin Abdul Aziz said that in the present situation Pakistan has no aggressive intentions.It is only trying to defend itself. With fortitude, sincerity and determination, it would, Insha Allah, triumph, he said. The Finance Minister delivered a letter from Prime Minister Nawaz Sharif to the Crown Prince Abdullah bin Abdul Aziz at the meeting which was held in highly cordial atmosphere lasting about 45 minutes. He also conveyed the fraternal greetings of Prime Minister Nawaz Sharif to the Crown Prince. Describing Prime Minister Nawaz Sharif as his "real and full brother" the Crown Prince reciprocated his brotherly sentiments and wished him success in leading the Islamic nation of Pakistan. The Finance Minister briefed the Crown Prince about developments since his meeting with Prime Minister Nawaz Sharif during his visit to Saudi Arabia on June 9, 1998. He said although Pakistan had met all the conditionalities and requirements of IMF, the flow of external assistance was being unjustifiably delayed. He said there was no structural fault in Pakistan's economy which has performed well and met all the targets. But the country was now facing a short term liquidity problem because of the sudden and unexpected interception in the flow of foreign funds. Pakistan was now engaged in efforts to mobilise short term financing to meet the challenging situation, he said. The Finance Minister reiterated thanks of the people and government of Pakistan for unstinted support the Kingdom of Saudi Arabia has been extending to Pakistan. The Finance Minister and the Chief Minister are likely to have an audience with Khadim Haramain Sharifain King Fahd bin Abdul Aziz in Jeddah later Tuesday afternoon. Earlier the Finance Minister and the Chief Minister met the President of Islamic Development Bank, Dr. Ahmad Ali and discussed with him the current economic situation of Pakistan. The IDB President assured Pakistani dignitaries of his Bank's all possible support to Pakistan in surmounting its current financial difficulties.

Govt.taking appropriate measures to overcome current economic crisis: Sartaj

ISLAMABAD, July 15 (APP) : The Federal Minster for Finance Sartaj Aziz on Tuesday said that the government of Prime Minister Nawaz Sharif is taking all appropriate measures to overcome the current economic crisis. He said that Pakistan faced a short term liquidity problems and not a structured economic crisis and hoped the government would succeed in surmounting it within a few days. Talking to a group of journalists in Jeddah, Mr. Sartaj Aziz said that as a result of government's stern warning to money changers, the rate of dollar dropped immediately, says a message received here from Jeddah. He was optimistic that the dollar rate in the open market would further fall. He said that the immediate problem before the government is to reinforce its foreign exchange reserves and that it has been making all efforts in this behalf and we hope the situation would be improved considerably. Referring to the foreign currency accounts, the Minister said that the decision to freeze these accounts was unavoidable. The government however, was considering to tackle the situation and to restore people's confidence, he added. Referring to his meeting with President of Islamic Development Bank Dr. Ahmad Mohammad Ali in Jeddah on Tuesday, the Finance Minister said that he discussed with him the prevailing economic situation. He said the IDB President assured of his Bank's help to Pakistan to overcome the current economic crisis.He hoped to get additional funding from IDB which will greatly help in strengthening the foreign exchange reserves. Regarding loan defaulters the Minister said that the present government has taken highly effective measures to deal with them and that more stern action would be taken against them to recover the public funds. The Minister took serious note of different rumours about economic situation being spread through the press and said these were not in the people's interest. He appealed to Pakistani business and financial community to remain calm and have confidence in the policies of the government. He expressed hope that with the help of "brothers and friends" Pakistan will surmount its current financial difficulties. He said that expatriates have a vital role to bail out the country from the current crisis and the best way was to send their remittances through authorised banks.

Pakistan has to be very careful before considering signing of CTBT : Gohar

LAHORE, July 15 (APP): Foreign Minister Gohar Ayub Khan, Tuesday said that Pakistan has changed its precondition for signing Comprehensive Test Ban Treaty (CTBT) because of "national concerns." Talking to newsmen at the Lahore Chamber of Commerce and Industry here he said the positions of Pakistan and India in regard to defence and balance of power in the region are different due to which Pakistan cannot link singing of treaty with India's attitude towards the Treaty or non-proliferation. Signing of CTBT is not a simple thing for which tremendous pressure is being exerted on Pakistan but it also includes 13 other restrictions which are much more serious for Pakistan. Explaining the CTBT, he said it includes Fissile Materials Control Treaty (FMCT) which is something very serious as Pakistan has far less Uranium than India and it has to see the strategic and nuclear imbalance struck with the Indian test explosions. We have to correct the imbalance of power", he remarked. Replying to a query, he said when US Assistant Secretary of State Talbot came to Pakistan after Indian explosions, he was told that Pakistan can not live under the shadow of India as a small, subservient country. He was informed that Pakistan has to go nuclear, if Nawaz Sharif's government will not do it, the next government will do it as there is immense domestic pressure. " The people of Pakistan have been paying the price for its peaceful nuclear programme and at the time of need when India conducted nuke tests and started giving threats to Pakistan on Kashmir, how it can refrain from nuke tests," Talbot was told by Islamabad, Gohar said. He said the Secretary General of United Nations is coming to Pakistan before Colombo conference for re-structuring the talks between Pakistan and India. Similarly wide ranging meetings will also be held with Talbot on July 23 and 24 in Pakistan to evolve strategy for hitting the core issue (Kashmir) between Pakistan and India to get some concrete solution. Replying to a question, he said Prime Minister Nawaz Sharif had 4 meetings with former Indian Premier Gujral, which like other 50 bilateral talks, were fruitless. In view of this experience, Pakistan now wants some meaningful and structured dialogues with its neighbour. Asked about foreign tours of former foreign Minister Sahibzada Yaqoob Ali Khan, he said that the Prime Minister has given message for the heads of states of different countries and Sahibzada Yaqoob and other people are visiting these countries as special envoys to deliver these messages and to communicate Pakistan's point of view on the new situation in the region.

Gohar optimistic about IMF decision on ESAF tranche

LAHORE, July 15 (APP):- Foreign Minister Gohar Ayub Khan, Tuesday expressed his optimism about the economic situation of the country. Speaking at the Lahore Chamber of Commerce and Industry here, he said that International Monetary Fund (IMF) has postponed its decision for another 24 hours on the question whether it should continue its financial support to Pakistan or punish it for going nuclear. He hoped that the outcome will be positive. Moreover, he added, Prime Minister has sent different missions to different friendly countries to seek their help at such a crucial juncture and hoped these efforts would bear fruit. He noted that the people of Pakistan had suffered far worse conditions at the time of establishment of Pakistan and had the potential to pass through the prevailing difficult situation without any complications. The situation is not as bleak as is being painted by certain quarters, he added. However, he admitted that the impact of the economic sanctions have not yet reached as it will take 4 to 5 months to affect the national economy. " We were aware of the sanctions and opted for explosions only after considering the sanctions and embargoes which will remain effective for a year", Gohar said. He said the sanctions are not a new thing and Pakistan has been subjected to them discriminately. He deplored that the nuclear bomb of Pakistan was not taken as Pakistani bomb but was labelled as Islamic bomb whereas American bomb is never considered " Christian bomb, or Indian Bomb as Hindu bomb and Soviet Unions Bomb as Socialist bomb" . Pakistan has been asked time and again to ensure that it will not transfer nuclear technology but same demand was not made from India. To a question on the signing of the Comprehensive Test Ban Treaty, he said Pakistan has changed its condition and now if India signs CTBT, it is not necessary that Pakistan will follow it. We have our own concerns and we have to be very careful in making any such move, he said.