In a meeting with Managing Director (MD), World Bank Group, Sri Mulyani Indrawati, the minister said the prime minister has an agenda of addressing the core impediments hampering economic growth in consonance with its true potential.
“Our efforts have started yielding results in addressing long-delayed issues and pulling the country out of its economic woes,” he remarked.
The finance minister highlighted that the macro-economic situation was improving as reforms are making progress; growth is picking up and inflation is in single digits. He said that besides appropriate economic measures, the government was working on a plan to develop infrastructure and meeting the requirements of energy demand in the country. Dar thanked the MD for her personal interest in Pakistan-related programmes including CASA1000 and Dasu hydropower projects. He also spoke about landmark steps the prime minister recently announced with the objective to generate business opportunities for the youth and assist them in attaining educational excellence.
He said that changes were being contemplated in relevant tax laws for permanently eliminating the discretion of Federal Board of Revenue (FBR) to issue special tax exemptions. He said that the measures will lead to enhanced revenue generation and the country will be able to spend more on the development programmes. He underscored that Privatization strategy was in place to provide a holistic framework for disinvesting public sector assets.
The finance minister informed that good governance, transparency and zero tolerance for corruption remains the hallmark of the government in pursuing strategic partnership with the private sector in PSEs.
Dar said that the prime minister has an agenda of addressing the core impediments that are hampering economic growth. The finance minister said that the government has embraced a proactive energy policy to invite new investment in energy sector with a special emphasis on the renewable and cheap energy sources. He emphasised that the international assistance will help the government in addressing poverty and socio economic uplift of the people.
On the occasion, the WB MD appreciated the economic policies of the government and said that World Bank will help Pakistan in poverty alleviation and promoting shared prosperity for the people of Pakistan. She said that Pakistan has an encouraging macro-economic framework and this will lead to enhanced confidence in Pakistan by international community and institutions. She also appreciated increased allocation for social safety network programmes.
She said that Pakistan has strong support of the World Bank for its economic revival under its leadership and expected fast track progress on energy projects. She mentioned that the focus of the World Bank will remain on tackling the energy crisis, increasing economic opportunity for women and youth and improving service delivery.
She also informed the finance minister that the World Bank would consider Country Partnership Strategy (2014-19) for Pakistan on May 1 this year. She said that participation of the private sector in energy sector reforms will be a strong message to the foreign investors and one success in this regard will lead to another success. She wished success for Pakistan in launching of Eurobonds in the international market and auction of spectrum licenses.
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