President Dr Arif Alvi says political parties and other stakeholders need to chalk out a charter of economy to cope with economic situation.

Talking to Media persons in Lahore, he said all institutions of the country are respectable and he does not believe in generating any controversy with any of them.

The President said one of the best ways to counter corruption is to make all financial transactions through formal banking channels.

While replying to a question,Dr. Arif Alvi said that he has a very cordial relationship with the existing government and he accorded timely approval to all the summaries except four summaries which were delayed.