PM Imran Khan says govt taking measures to overcome dollar shortage

ISLAMABAD: The government of Pakistan Tehreek-e-Insaf is taking all measures to overcome the dollar shortage in the country, and there would be no shortage of dollar in the future, said Prime Minister Imran Khan here on Friday.

Inaugurating the car manufacturing plant by JW Forland, the prime minister spoke on the dollar reaching an all-time high of Rs 142 in the interbank.

JW Forland has planned to produce dump trucks, cargo trucks and special purpose vehicles in Pakistan with an installed capacity of 30,000 units per annum.

Foton JW Auto Park (Pvt.) Ltd. commenced its production from its automobile assembly plant from today.

Official sources in Industries and Production Ministry informed Pakistan Today that Foton JW Auto Park (Pvt.) Ltd. is the first Pakistani company which had a 50/50 Joint Venture (JV) with a Chinese company in the auto sector.

During his speech, the prime minister said he had been receiving calls since morning about the hike in the dollar price. “I want to tell everyone not to worry about the dollar hike. There is an adjustment taking place. We are taking steps which will ensure that there won’t be a shortage of dollars in Pakistan.”

The prime minister highlighted that Pakistan’s biggest problem was the current account deficit which stood at almost $18.5 billion. “The government is tasked to overcome the deficit. When there is pressure on the dollar, the exchange rate increases.”

Prime Minister Khan stressed there was a need for a change in mindset, emphasising that his government had made investment easier. “Investment creates jobs and brings dollars in the country.”

He spoke on ease of doing business for investors, which in turn would attract more investors. According to the prime minister, there was a need for technological transfer, which he said was among the areas of focus during his trip to China.

“For the first time, we have asked China for a technology transfer. When there is technology transfer, the country prospers.”

The prime minister further said that Pakistan had transformed into an import economy where manufacturing had diminished. “Where there were once factories, real estate projects now exist.”

Prime Minister Khan said for the first time in Pakistan’s history a complete car manufacturing plant was being set up and this would create 5,000 jobs which would increase to 35,000 in the future.

Speaking on the issue of money laundering, Prime Minister Khan said the government was taking steps to bring back looted money. “There is $10 billion of money laundering annually in Pakistan.”

In future, he said, the company would roll out more and more products based on market requirement.

JW Forland has no plans to enter the passenger car segment in the near future. It will produce cargo trucks namely Bravo 1.0 (1,809cc), Bravo 3.0 (2,771cc), Bravo 3+ (2,771cc) and Bravo 7.5 (3,760cc) and a dump truck called Alpha 3.0 (2,771cc).