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No time-frame to cut inflation: Razak Dawood

Adviser to Prime Minister on Commerce, Textile, Industry and Production Abdul Razak Dawood said on Sunday that the government could not give a timeframe about when inflation will be controlled.

By Our Correspondent & Agencies
November 25, 2019

LAHORE: Adviser to Prime Minister on Commerce, Textile, Industry and Production Abdul Razak Dawood said on Sunday that the government could not give a timeframe about when inflation will be controlled.

Speaking at a prize distribution ceremony at the concluding day of three-day 11th "Interiors Pakistan" international exhibition at the Expo Center organised by Pakistan Furniture Council (PFC), Dawood said that inflation is a very big issue andthe government is trying to control it. He said that prices of food items will soon be controlled.

"The price of dollar has stabilised, fluctuation has been brought under control," he said. Dawood said regarding CPEC that many matters pertaining to the corridor were headed in the right direction.

"CPEC's pace and direction are headed in the right way. The United States has its own interests," he said. Razak Dawood believed that the escalating prices will be controlled with the efforts of the government in near future while all out efforts are being done in this regard.

He said exchange rate was normal and stable now while the exporters should focus on increasing their exports. The adviser said the government was working on short and long term policies simultaneously to boost economy of the country. He was of the view that due to business friendly policies of the government, Pakistan has climbed 28 points on the World Bank’s ease of doing business index that has given an encouraging signal to the investors from abroad. He said Japan, Vietnam and South Korea as well as the other Pacific and South East Asian markets would also be connected as the government would negotiate with these countries for promotion of trade.

Earlier, the adviser visited various stalls of the exhibition. He praised the workmanship, quality and design of the various items on display. He said that PFC is playing its due role efficiently in promoting furniture brands not only inside the country but also abroad by displaying world class innovative designs suit to aesthetic sense of buyers. He said Pakistan has good potential to enhance furniture exports to USA and Europe by developing good brands and business community should focus on branding of products to promote business activities and improve exports.

Abdul Razak Dawood presented certificates of participation to the stallholders while PFC Chief Mian Kashif presented the adviser with a shield. Meanwhile, Adviser to Prime Minister on Finance Dr Abdul Hafeez Sheikh said job opportunities, he said the focus was given to private sector so that areas could be identified for opening venues for employment in the country as the government cannot provide jobs to the people owing to lack of funds.

He said that the government is taking all important steps for controlling inflation and improving economic growth rate of the country. Talking to a private news channel, he said the Pakistan Tehreek-e-Insaf (PTI) government had minimised over all expenditure, due to which, the economy was moving on right direction.

Expressing concern over flaws in the policies of the past governments, he said the time would be required to rectify the policies made by the last regimes. Abdul Hafeez Sheikh claimed that stock exchange and foreign direct investment have been increasing in the country, adding that exports are moving up due to better policies and direction set by the government.

In reply to a question, the Adviser said the PTI government did not increase the prices of the petroleum during the period of last four months. The directives have been issued to state bank for ceasing print of new currency notes, he revealed. The Federal Board of Revenue (FBR), he said had made improvement in collection of taxes.