LAHORE, April 21: President Pervez Musharraf has said the ‘country’s economy has become strong enough in the last three years where greater resources can be diverted for the development of its social sector”.

Speaking at the convocation of the National College of Arts on Monday evening, he said when he took over power he had an “option either to divert our meagre financial resources for looking up the social sector or to strengthen the economy”. “We chose the second course. Now that the economy has been strengthened, more and more resources can be diverted for the economic development,” he added.

Emphasizing the need for setting aside as much resources for the education sector as possible, he said the human development was the key to country’s prosperity and development.

He said the revenue collection had risen by 14 per cent during this year. Similarly, exports were expected to increase by 14 per cent and home remittances by 100 per cent. The country’s foreign exchange reserves had already crossed $10.4 billion mark, that were adequate to meet over 11-month import bill, he said.

“If we compare our reserves with those of India’s $70 billion, we are in a better position as their reserves are good enough for 10-11 months of their imports,” he said.

The president also stressed for protecting and preserving “cultural heritage of the country and promoting liberal arts”. He said the artists reflected the creative side of society and had a unique bond with nature, society and people. “They can communicate with their audience more intimately and their works symbolise maturity of society.” He also enumerated the steps being taken by him and the government for the promotion of arts and preservation of the country’s cultural heritage.

He told the audience that the Punjab government had promised to allot land in Multan for the second NCA campus in that part of the province. Besides, he said the provincial government had also allocated 58 acres of land to the college for the construction of another campus at Raiwind Road.