No need to worry about rupee devaluation, says PM

ISLAMABAD: Prime Minister Imran Khan on Friday reiterated his government’s resolve to provide better facilities to attract foreign investment which he said will not only bring dollars into the country but also employment.

Speaking at the launching event of JW Forland automobiles assembly plant project, he said the Chinese company is going to invest up to $900 million in Pakistan as automobiles will now be fully assembled in the country for the first time.

The prime minister said the project would initially create 5,000 employment opportunities which are likely to increase with the march of time as 45,000 people would be employed by it in future.

Referring to today’s major depreciation of the rupee against the dollar, he said a lot of people are worried about the devaluation. There is no need to fret about it, he added.

The premier said the local currency plunged against the dollar owing to the greenback’s paucity. Foreign investment was needed to bring dollars into the country as well as employment, he said and added when there would be enough foreign investment in the country, the greenback would drop, benefiting the economy.

He said the government is taking initiatives to stabilize the rupee-dollar parity.

Mr Khan said the transfer of remittances from abroad via legal channels could yield around $10 billion for the national exchequer. Efforts are underway to reduce the current account deficit, he assured.

The post No need to worry about rupee devaluation, says PM appeared first on ARYNEWS.

from ARYNEWS https://ift.tt/2FPoDOf
via IFTTT