December 21, 2007	Friday	Zilhaj 10, 1428

President Pakistan Muslim League (PML) Chaudhry Shujaat Hussain has stressed that political stability was inextricably linked to economic stability.

Talkin to Dawn here he said the remarkable achievements made by the PML government during its tenure was a clear manifestation of this.

Following are the question and answers.

Question: How would you sum up the difference, if there is any between the last and the current manifesto?

Answer: Consistency of policies is important for economic development and therefore no change is envisaged in the economic policies as laid out in the recently launched manifesto. “You must not change the goal-post especially when economic policies of previous governments have paid dividends”. Both the local as well as foreign investors do not want frequent change of policies. A consistent growth rate of 7 per cent was achieved mainly because of continuity of good economic policies. The PML will continue with its economic policies, if given a chance to serve the people for another five years’ term.

Q: Will the thrust of policies remain on deregulation, privatization and liberalization?

A: Yes, because these policies have produced desired results.

Q: If economy has prospered as claimed why the leader of the economic dream team Shaukat Aziz was dropped from the list of PMLQ candidates in the election 2008?

A: Shaukat Aziz was offered a party ticket but he himself decided not to apply during the forthcoming elections, as he wanted a break after serving continuously for eight years in the government. He said the thrust of the policies would remain on deregulation, privatization and liberalization.

Q: The economic policies of your last government failed to stimulate agriculture and industry.

Trade was promoted at the cost of industry. High growth rates achieved over the last few years are based on wobbly services sector. Speculative investment in capital market and real estate were promoted at the cost of long term productive activity. Consumerism was promoted in a country where national savings rate is lowest in the region and much below requirement. Benefits of growth never reached down to backward segments and areas. The policy mix perpetuated class and regional disparities. Do u intend to address these issues in future?

A: The impression is incorrect as the industry witnessed a growth rate of 12 to 13 per cent every year. Likewise, the decision to invest billions of dollars in agriculture sector in Pakistan by two major European groups Metro and Macro makes it clear that the government did not ignore the agricultural sector. The PML did more than any other government to remove disparities and the development in Baluchistan was a clear proof of that.

Q: Except for services sector- banking and telecommunication the policy of privatization of utilities and industry failed still u want to continue with the policy of privatization per se. Why?

A: I do not agree with the proposition. The policy has not failed at all. Privatization must continue but there must be a check on monopoly. The country’s assets should not be sold out to foreign companies and parties and instead local investors should be encouraged. The PTCL should also not have been sold to foreign country.

Q: During the period military economic empire grew astronomically. Don’t u think they crowd out civilians from public works, real estate, goods transport, etc. This issue has not been touched in your manifesto?

A: The commercial activities initiated by the Fauji Foundation promoted a healthy competition. The real estate business by the Army Welfare Trust gave a confidence to the people that they wont be cheated. Now the civilians in the business of real estate will also have to follow the same patterns to establish their credibility. These commercial activities were meant for welfare of the retired army officers and created a number of employment opportunities.

Q: Market manipulators (sugar, cement, wheat, fertilizer, etc) were given free hand. They operated with impunity as even NAB was not allowed to investigate market scams. Why?

A: It is correct that no action was taken against these manipulaters as there is no mechanism to regulate their activities. I have proposed a legislation to President Musharraf against hoarders who create artificial shortage of different items to accrue financial benefits. I hope the parliament to emerge as a result of the upcoming elections would enact the proposed legislation.

Q: Pakistan will not be able to achieve millennium development goals in health and education at the current pace of development in those areas. How would u justify their slippage when u had time and the economy was growing?

A: We are moving in the right direction to achieve Millenium Development Goals (MDGs). A lot has been done to expand the health and education facilities.