ISLAMABAD: United Business Group (UBG) on has said that enhanced use of coal for power generation can help country save billions of dollars in oil import bill to bridge budget deficit.
Coal can also save Pakistan from shocks of volatile oil market which can rebound anytime while dams can ensure generation of thousands of megawatts of cheap electricity, said Chairman UBG North Zone Abdul Rauf Alam, said a press release.
Our economy will remain in red unless dependence on oil is reduced and reliance on coal is increased as refusal of loans by IMF can create very serious balance of payments crisis and lead to undermining economic activities in country, he said.
Abdul Rauf Alam who is also presidential candidate for FPCCI said that international lenders continued to lend to Greece despite its incapacity to retire loans that resulted in bankruptcy of country which should act as a wakeup call for our policymakers.
Precious resource of Thar coal is lying unexploited due to want of coordinated efforts, he said, adding that sixth largest deposits could not be put to work so far despite the fact that it can to meet the country's and neighbouring nations fuel requirements for centuries.
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