LAHORE - Cool Industries Executive Director Pervaiz A Butt has said that investors are fleeing from the county battered by political upheaval, violent insurgency, besides sustained declining trend in economic growth. In an exclusive talk with The Nation he lamented that the government had washed out over $7 billion of its foreign currency reserves only in 10 months, reaching its budget deficit its highest level since the late 1970s. He was of the view that the unrest in the country is fuelled by economic hardship, which in turn makes investors stay away. He pointed out that investors though realised their tremendous potential but are frightened by the recent upheaval and might view such assets with suspicion. He said that in this crippling circumstances majority of investor are reluctant to stay here until the violence is under-control and the government is in a position to implement economic reforms. He said the rupee had also taken a dive, sliding 20pc so far to a historic low of Rs77.45 to the US dollar last week while inflation had soared to around 25pc. While introducing Cool Industries, he informed that from the very start the was named as Cool Industries now it was known as the Waves Industries. He said that Waves, pioneers in refrigeration industry, have always been introducing new concepts in the world of cooling, such as Waves Freezers and Triplets. "Now Waves has introduced miraculous 'Cool Bank Technology' in its new series Cool Bank Refrigerators and Deep Freezers. Main reasons behind launching of this technology are acute power shortage, foreseeable increase in loadshedding and high electricity bills. Waves Cool Bank Technology to facilitate not only the consumers but also the country in its need to economise scarce energy resources. The Cool Bank refrigerators and deep freezers consist of double back-up system, one stores electricity and other stores cooling. In case of power failure or load shedding, Cool Bank provides internal light and cooling to maintain temperature up to five hours. Contrary to Cool Bank, common refrigerators and deep freezers loose their cooling rapidly within 20-30 minutes and food gets spoiled. Thanks to Waves research and development team who invented Waves Cool Bank Technology to cope with heavy cost of electricity and growing load shedding. Waves Cool Bank requires 5-6 hours electricity for its charging and works several hours without electricity resulting into big savings on electricity bills," he added. Criticising the recent announcement of the increase in power tariff by the government he urged it to immediately withdraw the rise. He said the tariff hike would raise the industry's cost of production, denting its profitability in coming days. He demanded the govt to adopt industry-friendly policies to enhance production so that country might earn more in terms foreign exchange. He stressed upon the government to take urgent remedial measures to rescue the economy from utter ruin and extinction by eliminating the unprecedented hike in power cost. He pointed out that industrialists and manufacturers were already facing the critical conditions due to in already high electricity rates, and termed it a last nail in the coffin of industry. He made it clear that anti-industry policies on the directions of IMF, WB and other donor agencies would earn a bad name for the government. He said that the repeated increases in the power tariff have already played havoc with the manufacturing sector. He said that most of the large scale-manufacturing units had their own captive power generating and the recent measure would force them to become sick units besides creating a new generation of unemployed workforce. Over 33 industrial units have ceased their operations in Karachi only owing to recent 31 percent increase in gas tariff while 68 per cent increase in captive power generation was tantamount to murder of industry. They said that electricity and gas are the main sources of energy for all sectors of economy in Pakistan and withdrawal of subsidies on electricity and gas will further hike the prices of these major sources of energy, which will have multiple negative effects on society. He said that much has been spent on arms, as military spending accounts for some 15 per cent. He said that government should paid out vast sums in subsidies, as millions of people face starvation in the face of soaring global food and fuel prices. He observed that we have now left with less than $9 billion in out foreign currency coffers and budget deficit stood at $21 billion. The country is struggling to pay the debts and it was good news that country was granted breathing space by Saudi Arabia, which is owed $6 billion for oil already delivered. He explained that Saudi Arabia has agreed to provide an oil facility, which would defer the payment of part of the oil import bill for Pakistan. He said that despite the tightening of fiscal and monetary policy by the State Bank to contain inflation and reduce the external current account deficit, no change seemed to appear on the horizon. He said that slashing of subsidies would control overall spending but it would also push up inflation. Besides that they would lead to higher fuel and food prices. He maintained that raising taxes do not a viable solution to boost economy.