Private sector termed engine of growth

Minister seeks IFC’s help in enhancing private-sector investment

ISLAMABAD: The government is committed to facilitating private sector development in the country for achieving sustained economic growth, said Federal Minister for Planning, Development and Reform Makhdoom Khusro Bakhtiar.

Talking to International Finance Corporation (IFC) Vice President Economics and Private Sector Development Hans Peter Lankes, who called on the minister, he termed private sector the engine of future growth and development paradigm. Members of the Planning Commission and senior officials of the planning ministry were also present in the meeting.

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The minister said Pakistan valued its partnership with the IFC and appreciated its contribution and support for the development of private sector in the country.

Noting that the IFC could help in further enhancing private sector investment in Pakistan, the minister remarked that a strong private sector was indispensable for ending poverty, generating employment and boosting shared prosperity across the country.

Bakhtiar stated that small and medium enterprises (SMEs) were identified as drivers of economic growth in the government’s future growth strategy, adding that the IFC may look for increasing private investment in the sector.

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Speaking on the occasion, Lankes apprised the minister of IFC’s support programme for Pakistan and said the corporation was considering increasing annual investment to support the country’s economy.

He said focus was being turned to housing, energy and power sectors as well as financial inclusion and long-term finance for development of the private sector.

He stressed that IFC was one of the largest investors in Pakistan’s power sector and had made substantial commitments in that regard.

Published in The Express Tribune, August 1^st, 2019.

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