Pakistan's Chief Executive General Pervez Musharraf has said that the economy of the country has been stabilized and the government is looking forward to an economic turnaround.

In a written interview with Xinhua prior to his leaving for China early Monday(January 17) morning, General Musharraf said that his government had inherited a precarious economic situation.

However, the government has stabilized the economy by quickly concluding rescheduling agreements with Paris Club members and commercial creditors and successfully launching a recovery campaign against loan defaulters, the chief executive said.

The new Economic Revival Plan was then worked out through a broad-based consultative process involving some 200 experts from various economic disciplines, he said.

"Its strategic objective is to achieve self-reliance, by reducing the debt burden and following a sustainable path of economic development," Musharraf said.

According to the chief executive, this is the first time such a focus has been developed and his government is encouraged by the positive response it is receiving from donors and lenders for such" a shift in policy."

"There are already signs that indicate a turnaround in economic conditions," General Musharraf observed, citing "the stock market rebound, textiles boom, stable prices, improved recoveries of government and bank dues and acceptance of our bonds of extended maturity."

The chief executive noted that an Economic Advisory Board has been established to take charge of monitoring the implementation of the economic policy. "I am sure that the momentum we have unleashed will be preserved and accelerated over time," he concluded.