Federal Minister for Finance Senator Ishaq Dar on Tuesday said the government would spend $34 billion in the next four years in various sectors of economy particularly for the expansion of motorways, power transmission lines and development of energy sector.
Talking to Minister of Finance of the Canadian province Ontario, Charles Sousa, who called on him, Dar said that his government is determined to pursue very aggressive infrastructure development programme in the country to help accelerate economic growth. Dar said the government is determined to pursue the policy of transparency, good governance and zero tolerance for corruption besides fulfilling its election manifesto by prioritising four 'E sectors' that include Education, Economy, Energy and Eradication of Extremism, according to a press statement issued on Tuesday by Ministry of Finance.
The Finance Minister also briefed Sousa about the introduction of 3G and 4G technologies in a transparent process, which would attract massive investments in the telecommunication sector. He expressed his determination to correct the existing energy mix in Pakistan as currently, 75 percent source of energy is furnace oil, due to which per unit cost has become exorbitantly high. Hence, the government intends to give priority to clean energy, he said.
The Finance Minister expressed the hope that the Canadian companies would invest in hydro projects as they have tremendous expertise in this field. He stated that the government has signed a 2000MW nuclear power plant agreement with China and was negotiating for additional 3000MW plant on BOT mechanism. While speaking about the security situation of the country, the Finance Minister underscored the need for giving dialogue a last chance.
He said that he will be presenting his second budget in June 2014, adding although Pakistan's GDP has been growing at three percent for the past few years, this year the growth is expected to be four percent. However, the target of six percent likely to be achieved in the next few years owing to various economic reforms being undertaking by the present government, he added.
On the occasion, Sousa expressed the hope that by following robust and vigorous economic agenda, the government would certainly overcome economic difficulties, which would, in turn, pave the way for more foreign investments, both by expatriate Pakistanis and foreign companies.
He stated that the better economic condition is the best way to give hope to the people, which would help reduce illiteracy and extremism. Sousa appreciated Pakistan's positive role in the post 9/11 war against terrorism and deplored criticism against Pakistan in this regard. Sousa stated that the Ontario government greatly admires Pakistani businessmen, entrepreneurs, doctors, engineers, accountants and other professionals, who have been making valuable contributions to the Canadian economy and society.