New Delhi, Aug 29) Prime Minister Manmohan Singh Thursday said the "country is faced with difficult economic situation" and several domestic and international factors have contributed to it.

"The country is faced with the difficult economic situation and there are several causes," Manmohan Singh said during question hour in the Rajya Sabha in response to repeated demands from the opposition for a statement on the subject.

He assured the house he would make a statement Friday.

"I do not deny if there are some domestic factors but there are also international factors arising out of the changes in the US monetary stance," he said.

"There were also problems created by the tensions that are on the horizon in Syria and there have been several inevitable consequences of oil prices," he said.

The Indian rupee had touched a new low of 68.80 against the dollar Wednesday.

Leader of Opposition in Rajya Sabha Arun Jaitley demanded a statement from the prime minister, saying there is a panic situation and the house wanted to know what the prime minister had in mind to deal with this.

"In a democracy, the buck stops with the prime minister," said Jaitley.

Manmohan Singh said the country has to deal with all these uncertainties.

"I will be very happy to make a statement tomorrow (Friday) and I need some time to reflect upon what I have to say," the prime minister said.

by:IANS
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