MULTAN, Oct 24: Foreign Minister Shah Mahmood Qureshi said on Friday the government would consider any reduction in POL prices after balancing the budget deficit even though the prices of petroleum had registered sharp cut in the international market.

Speaking to journalists at Multan Airport on Friday, the foreign minister ruled out any risk of the country’s default, saying it would overcome the deficit of Rs4 billion soon. And although the government was negotiating with the International Monetary Fund, he said, it would prepare its package on its own for stabilisation of economy.

He said the MoUs for energy development, agriculture and in other sectors had been signed with China. A delegation of the Peoples Bank of China would visit Pakistan on Oct 27.

He said new traditions were introduced during the in-camera session of parliament and all the problems the country was facing were discussed and 14 resolutions were passed unanimously.

He said 16 political parties had adopted a unanimous strategy and a message had been delivered to the international community that the government and the opposition had consensus over the national issues.

The government, said the foreign minister, had not begged before the Friends of Pakistan but discussed with them the issues of national security and terrorism.

He said India was not denying the Indus Water treaty, adding that a Pakistani delegation had gone to the neighbouring country to discuss the water stoppage issue.

As for the cabinet expansion, he said the current cabinet was too small in which each minister has multiple responsibilities.

Mr Qureshi said the government was not abolishing the local government system and instead it would improve the setup.