Federal Minister for Finance & Economic Affairs, Senator Ishaq Dar has said that the government took concrete measures to bring structural changes for the sustainable economic development in country.
Apprising Vice President of World Bank (WB) for South Asian Region, Annette Dixon about the current economic situation in Pakistan here on Sunday, Ishaq Dar said WB had been a great partner in Pakistan's development. He said, "We are continuing on the path of reforms and will not make any compromise in this regard."
The Finance Minister said that the government had established Micro Finance Company to extend micro-finance facilities to the poorer segments of society. He informed the WB team that Pakistan was one of the leading countries for ensuring financial development in the country and for this purpose a strategy had been devised which was being implemented thoroughly. He said that 10 more laws were being enacted which aimed at further facilitating the private sector.
In response to a question, about policy reforms in Pakistan, he remarked that Parliament had so far passed 24 laws to create conducive and enabling environment for growth and private sector investment.
He said that government was undertaking energy sector projects at top priority to overcome loadshedding by early 2018. Around 25000 MW projects had been identified which were at different stages of implementation, he added. The Minister said out of this, 10,000 MW would be added in the system by March 2018 adding there had been no loadshedding in the Industrial sector for last 3 years which was a significant achievement. He said that the present government was in the process of making a Master Plan for energy sector. The Master Plan would cater future demand of the energy of various sectors of the economy of Pakistan, he added.
He stated that the government believed in inclusive and sustainable high growth. Referring to the CPEC, Ishaq Dar said that government was giving top priority to private sector for implementing projects under the project and its own exposure would be limited. The private sector would be given preference in selecting and setting up projects under CPEC, he added.
The government had tripled the allocation for Benazir Income Support Program (BISP) since 2013 and the number of beneficiaries had increased to 5.4 million, the Minister pointed out.
Talking to the Pakistani delegation, Dixon said WB would like to work more closely with Pakistan. She appreciated the initiatives taken by the Pakistan government for putting economy on the path of sustainable economic development. During the course of discussion, Dar proposed to the World Bank to finance a major project of constructing Highway from Peshawar to Kabul for improving regional connectivity.
The World Bank has agreed in principle to finance the project. Dar also proposed that the World Bank might consider leading a consortium to finance the Diamer Bhasha Project.
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