April 04, 2008	Friday	Rabi-ul-Awwal 26, 1429

ISLAMABAD, April 3: Finance Minister Ishaq Dar has said the coalition government faces a ‘tough task’ of rebuilding economy which has been ‘ruined’ by the last government. “I have told the prime minister that we cannot be held responsible for the economic mess created by the PML-Q government,” he told Dawn on Thursday.

He said the government would have to make a new beginning to resolve a number of serious economic and financial issues accumulated over the past eight years.

“These issues are haunting the new government but we have to find some solution and put economy back on the track,” the finance minister said.

Answering a question, he said he was preparing a detailed report on the state of economy which would be presented in parliament. He said that legislators needed to be informed about the economic distortions.

Mr Dar said it would take a week or so to compile the report, adding that he would be in Lahore on Friday and Saturday to meet officials of the provincial government and private sector to firm up recommendations for bringing about an overall improvement in economy.

He said the new government was facing a serious problem of twin deficits — trade and fiscal — and it would have to find ways of coping with them.

Similarly, he said, inflation had increased due to ill-conceived policies of the previous regime. Food inflation had reached 15-16 per cent making the life of the common man very difficult, he added.

The finance minister said that international donors would be taken into confidence about the state of economy and Pakistan would have to move carefully to solve its problems.

Mr Dar also said that one of the important tasks before him was to attract local and foreign investment by offering improved and viable economic policies. He said he would hold regular meetings with investors and entrepreneurs to encourage them to invest in the country. The minister said he needed the support of all coalition partners to deal with important economic issues.