NEW YORK, Sept 22: President Gen Pervez Musharraf said on Sunday that the elected government had a majority in parliament and reiterated that it would complete its term.

Amidst applause he told a large gathering of Pakistanis at a local hotel: “I am not going to give up my uniform.”

He said elections were held under the Legal Framework Order, which came into effect in the wake of a Supreme Court verdict.

He said 29 amendments had been brought about based on the clear-cut verdict of the superior court.

President Musharraf pointed out that the elections and the changes in the framework which enabled a large number of women and minorities to be represented in parliament cannot be nullified.

On Pakistan’s defensive capabilities, President Musharraf said: “We maintain a minimum deterrence capability with conventional and unconventional weapons.

Referring to Pakistan’s production of tanks, he said the manufacturing of Al-Khalid had been a big achievement, while building of JF-17 aircraft with Chinese assistance was a big leap forward for Pakistan’s defence industry.

He said JF-17 aircraft was a backbone of the country’s defence, and said its mass production was under way.

Pakistan, he said, did not believe in tit-for-tat missile tests, and was following its own course and conducting tests as per its own requirements.

About the national economy, he said while he had inherited it while it was at the verge of being declared a failed state, it had made big leaps forward.

“Today, we are an economically stable nation,” he declared, and added, hence there was no need to entertain worries as to what is the future of the country.

He referred to the positive economic indicators of foreign exchange reserves being at 11.5 billion dollars, GDP at 5.1 per cent, while fiscal deficit has been reduced from 8 per cent to 4.6 per cent, and efforts were under way to reduce it further.

However, he said that the GDP should be six per cent next year and seven per cent in next two to three years.

The national debt has been lowered from 38 billion dollars to 35 billion dollars, hence the debt-servicing had remarkably reduced.

The remittances, he said, stood at four billion dollars from previous two billion dollars, while the exports had touched the all time high figure of 11 billion dollars and revenues had registered a leap from 300 billion rupees to 460 billion rupees, which is a 60 to 70 per cent increase.

About investments, he said, these stood at 800 million dollars this year, while efforts were afoot to expand these further.

“A remarkable turn-around in public sectors industries has been achieved, while the performance of the commercial banks are a success story.”

He said PIA, Railways and KESC were running in losses, while during the last three years these had started gaining a firm footing, with the PIA earning a net profit of 2.5 billion rupees this year.

He said the Gwadar seaport and coastal highway were being completed at full pace.

Poverty alleviation, he said, was being given due importance. Already, he said, the trend of poverty had been checked at 0.3 per cent.

“As a nation, we have reason to feel sound and confident and move with honour and dignity. This is time to shun pessimism and despondency.”

Earlier, he was welcomed by Pakistan’s Ambassador to the United States, Jehangir Ashraf Kazi.