- Imran says a larger current account deficit will impact more pressure on a country's currency and will also increase inflation
(Karachi) Prime Minister Imran Khan has said that the government has decided to implement Local Government system in cities where a mayor will be appointed to address issues being face by public, ARY News reported.
Addressing traders and exporters at an event in Faisalabad on Wednesday, he said: "If we think we can run Lahore from the development funds of Punjab, it will leave the rest of Punjab far behind."
The PM said the world's successful cities, the premier, said operate independently. He gave examples of New York, Tehran and London. He said the idea is to run a city like a country.
The government's plan is to have an election for each city. This would include each city having its own mayor and courts that are independent, the prime minister said.
He said, "No country could survive if huge amount of foreign currency (dollars) goes out of the country as compared to less incoming."
He stated that a larger current account deficit will impact more pressure on a country's currency and will also result in rise in inflation. He added that there is need to promote industrialization and facilitate traders to take the country forward. "It is the government's responsibility to promote exports. We are making all-out efforts to increase exports in Pakistan."
Imran pointed out that the policy of nationalisation has badly affected the economy of the country. "There is burden of loans on Pakistan but despite the fact, the government is committed to boost the economy." The premier said, "When the country's wealth generation will increase, it will help us to pay our debts."
He said that Faisalabad is industrial hub and "Manchester" of Pakistan. "If Faisalabad will go up, the whole country will progress," Imran stated.
The PM mentioned that the government has also prepared a financial package for Karachi as part of measures to boost economy.