3.5 billion dollars investment next month: Naveed Qamar

Federal Finance Minister Syed Naveed Qamar has said that 3.5 billion dollars investment was expected during next month that will increase foreign exchange reserves and stability of Pak rupee against dollar.

While talking to journalists after a meeting with All Pakistan Textile Mills Association (APTMA) house with APTMA members revealed that former government had taken a loan for 100 billion rupees but did not enter any record of it.

He assured to stabilize the rupee and to increase foreign reserves by 3.5 billion dollar by a 100 billion dollar loan from World Band and ADB (Asian Development Bank) , while the remaining money would be obtained by transactions and investment bonds.

Responding to a question he clearly declared petroleum products’ prices would not decrease until the global and local oil prices became equal, while the State Bank had also taken notice of increase in interest rates by commercial banks and was taking necessary measures to handle the issue.

While responding to a question he said CNG dealers had rejected government formula without taking it into consideration but government will not make any changes to it.

While sharing details of the meeting , Federal Minister told that he had discussed problems of textile sector especially of R & E energy crisis and increase in interests by commercial banks and the suggestions of the APTMA members will be considered during policy making.

APTMA chairman Iqbal Ibrahim told that Federal Minister has assured to solve the discussed problems as soon as possible and to consider their suggestions.