LAHORE, March 31: Distributing cheques among cooperatives’ scam victims on Thursday, Prime Minister Shaukat Aziz advised them not to invest their money in bogus schemes. “I hope that you will not be hoodwinked again,” he said while addressing a ceremony at Chamba House where more than Rs200 million were distributed among some 2,000 cooperatives’ affectees. Governor Khalid Maqbool, Chief Minister Pervaiz Elahi and NAB Chairman Lt-Gen Munir Hafeez were also present.

Thousands of people had lost their billions to the cooperatives and the NAB recovered the devoured money from the accused. Already, a large number of victims have been compensated by the government. Mr Aziz said laws for the accountability of the looters had been strengthened and such people would not go scot-free. He said while the government would also take necessary measures against cheats, people should invest their money only in schemes approved by the State Bank and other regulatory bodies.

APP adds: The NAB chairman said joint efforts of the bureau and Punjab Cooperative Liquidation Board had resulted in the repayment of Rs3 billion to the affectees.

Speaking at a meeting of industrialists and businessmen at the Governor’s House, the prime minister said Pakistan would become one of the top 10 Asian countries in terms of economic growth next year.

He said the country’s growth rate had risen to seven per cent. The industrial sector was growing at a rate of 14 per cent, and an unprecedented investment had been made in this sector during the last three years, he said.

“The fiscal deficit has lowered, and the tax collection and import improved. The country now has a healthier fiscal position as compared to the last year,” he said.

He said the growth rate of the agriculture sector which contributed 25 per cent to the gross domestic production was satisfactory. The country had good wheat and cotton crops last year, but the sugarcane production was not up to the mark because the country had 50 per cent less water for irrigation.

“We have 21.2 million tons of wheat and a good rice crop because the water availability situation is better this year. In fact, we have 30 per cent more irrigation water which will go waste to the sea as we don’t have a storage capacity,” he said.

As many as 50 per cent shortage was likely for the next crop. Renovation of all big barrages, remodelling of canals and brick lining of water courses were under way to meet the deficit, he said.

“The need of the hour is to build big water reservoirs which we’ll do with a consensus of all provinces,” he said.

The prime minister said the best way to alleviate poverty in rural areas was to increase farm income. “Unemployment rate has considerably decreased, but we have to create more jobs,” he said. The pay and pension commission would present its report within two weeks, and the government would provide relief to its employees in the next budget, he said.

The POL prices had been all time high in the international market — $57 per barrel — during the last couple of months, and the government had given a $40 billion subsidy to keep the same at a reasonable level.

The prime minister said: “POL prices are still lower than the neighbouring countries. Businessmen accompanying Indian Punjab Chief Minister Amarindar Singh told me during their recent visit that fuel in Pakistan was 20-25 per cent cheaper than their country.”

He said politics, security, economy, diplomacy and governance were the key areas which determined the growth of a country. “The political atmosphere is very conducive here. We’ll have local body elections in July and August this year which will provide a sound foundation for the political system. The general elections will be held in 2007,” he said.

The overall law and order situation in the country had improved and progress made in checking terrorism and sectarianism, he said, and added: “We’ve stopped issuing a travel advisory to foreigners.”

Pakistan, he said, had no aggressive designs against any country. “We believe in peace, especially in the region, and will continue our efforts in this regard. We want good relations with all our neighbours — China, India, Iran, Afghanistan and Oman,” the prime minister said.

He said on the diplomatic front, the country’s prestige was rising. “The recognition Pakistan getting abroad is unbelievable. Prime ministers of China and Japan are coming to Pakistan soon, while a number of foreign ministers will be attending the Asian cooperation dialogue being held in Islamabad.”

Earlier, Governor Khalid Maqbool said the Punjab government was making efforts for the industrial growth of the country. He said new disciplines had been introduced in universities which would help produce qualified manpower.