Despite political impasse: Economic revival programme right on track, says Dar

Economy could have been in a better shape in absence of recent turbulence.


APP October 11, 2014

ISLAMABAD:


Federal Finance Minister Ishaq Dar has stressed that the government’s economic revival programme is right on track despite all the distractions, and the stock market, after an initial dip, has bounced back and stood above 30,000 points.


“The economy could have been in much better shape in the absence of domestic turbulence,” he said in a meeting with Overseas Private Investment Corporation (OPIC) President Elizabeth Littlefield in Washington, according to a press release issued by the Ministry of Finance.

He expressed the resolve that the country would keep up the momentum of structural reforms and the privatisation process in order to achieve a high growth rate, while assuring her that the investment portfolio would improve.

The minister offered all-out assistance to OPIC in pushing ahead with its projects in Pakistan and acknowledged its support to schemes in the areas of liquefied natural gas imports, healthcare, education and wind energy, which were in the pipeline.

Talking about the government’s efforts to increase the efficiency of power companies with better management, he pointed to a pilot project in Lahore undertaken to reduce line losses.

He said the subsidy was only for the domestic power consumers as the government did not want to overburden the common man. “We have formed a committee to expedite the recovery of dues in order to tackle the circular debt.”

The minister also mentioned the recent discovery of gas in three fields in the country.

He also talked about the progress made in the military operation in North Waziristan and the restraint exercised by the government in dealing with the protesters at sit-ins in Islamabad.

Littlefield told the minister that OPIC had increased its portfolio fivefold in Pakistan and many projects were in the pipeline in the fields of education, infrastructure and medical funds.

The first instalment for Sapphire Wind Power plant would be released soon, she said.

She invited the Government of Pakistan to identify projects where OPIC could provide assistance and also called on Pakistani-American diaspora to invest in various projects in Pakistan.

Published in The Express Tribune, October 12th, 2014.

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