News
Wednesday, March 12, 2008
Musharraf wants new govt to take bold decisions on rising prices
ISLAMABAD: President Pervez Musharraf said on Tuesday that the incoming government faced daunting challenges of rising fuel and food prices, and suggested that bold decisions should be taken to address these issues. Addressing the first convocation of the Pakistan Institute of Development Economics (PIDE), Musharraf advised the incoming government, scheduled to assume power next week, to reduce subsidies but ensure relief to low-income segments of society. He told the audience that Pakistan was passing through a critical time, and stressed the need for understanding the pressures that the country is facing. Pointing towards price hikes in fuel, edible oil, and wheat in the international market, he said these challenges needed to be addressed boldly. “But make sure that [low-income people] get relief through targeted interventions,” he added. He said Pakistan was spending a large foreign exchange on the import of oil that was being used for power generation, adding that there was a need to find cheaper alternatives such as hydropower, nuclear energy, and other energy sources. President Musharraf stressed the need to cut the country’s $2 billion edible oil bill, saying that it was necessary to cultivate cotton, sunflower and canola in the lands adjacent to the Mirani and Subakzai dams and the Kacchi canal. staff report
Courtesy Daily Times