No replacement for US dollar: PM

No replacement for US dollar: PM

Washington: Praising the entrepreneurial spirit of the American enterprise, Prime Minister Manmohan Singh has said that there can be no substitution for the US dollar.

“As far as I can see right now there is no substitute for the dollar," the Prime Minister said in an interview to CNN.

Responding to questions about the economic crisis in the United States, the Prime Minister said: “There is a temporary setback and temporary questioning, about relevance of the American model, but I have seen these things much before."

Singh said even the Chinese, who holds $2.5 trillion in reserve assets, have not disposed off even a fraction of them.

“That is a measure of the confidence that the world has in the dollar. There are problems. There is the confidence problem, which can be very destabilizing," he said.

“My own feeling is that the world has not entered an era of irreversible shift in the economic strength of the United States," he added.

‘Pak not doing enough in 26/11 attack case’

Accusing Pakistan of not doing enough to bring to book the perpetrators of the 26/11 Mumbai terror attacks, Singh has said India does not know whom to deal with in Islamabad as the army is the most powerful force in the neighbouring country.

“No, they (Pakistan) have not done enough," Singh told CNN in an interview which was taken in New Delhi and aired minutes before the Prime Minister arrived in Washington on the first State Visit of the Obama administration.

“They have taken some steps. I have discussed this matter with (Pakistan) prime minister Yousuf Raza Gilani, when we met at Sharm al-Sheikh (in Egypt). The joint statement we issued, he assured us Pakistan will do all that is possible to bring to justice the perpetrators of Mumbai massacre," he said.

“But it is our feeling that Pakistan has not done enough. Hafeez Saeed is roaming around freely. Maulana Azhar Masood and other terrorist elements, the Lashkar-e-Toiba, according to Pakistan’s own admissions is actively involved in perpetrating massacre in Mumbai, they are moving around freely. The conspiracy took place in Pakistan," Singh said.

He said a “friendly" government in Pakistan, which would be equally determined to tackle terrorism, would take the case to its logical conclusion.

“That is not happening," the Prime Minister said.

Asked if he believed the Pakistani army was serious in tackling terrorists, Singh said he is not certain if the military will take on those elements.

Implementation of the landmark civil nuclear deal, the situation in Pakistan and terrorism emanating from there would be high on the agenda as Prime Minister Manmohan Singh and President Barack Obama meet here on Tuesday for talks during which they are expected to give a major push to the Indo-US strategic ties.

The two countries will sign a number of pacts, including an MoU on counter-terrorism to provide a legal framework for stepped up cooperation against the menace, and discuss the problem of climate change ahead of the Copenhagen