No need to worry about rupee devaluation as investment coming to Pakistan: PM

ISLAMABAD: Prime Minister Imran Khan on Friday said there is no need to worry about rupee devaluation as investment coming to Pakistan would address the economic issues facing the country, including the rupee-dollar disparity. 

Speaking at the launching event of JW Forland automobiles assembly plant project, he said the Chinese company is going to invest up to $900 million in Pakistan as automobiles will now be fully assembled in the country for the first time.

The prime minister said the project would initially create 5,000 employment opportunities which are likely to increase with the march of time as 45,000 people would be employed by it eventually.

Referring to today’s depreciation of the rupee against the dollar, he said a lot of people are worried about the devaluation. There is nothing to fret about it as investment is coming to Pakistan, he added.

The premier said the local currency plunged against the dollar owing to the greenback’s shortage. The foreign investment is needed to bring dollars into the country and employment, he said and added when there would be enough investment in the country, the greenback would drop, benefiting the economy.

He said the government is taking initiatives to stabilize the rupee-dollar parity.

Mr Khan said the transfer of remittances from abroad via legal channels could yield around $10 billion for the national exchequer. Efforts are underway to reduce the current account deficit, he assured.

Earlier in the day, the rupee plunged almost five percent to a record low after what appeared to be a sixth devaluation by the central bank in the past year as the country struggles with an acute balance of payment crisis. The unit sank to 143 rupees against the dollar.