Asian Development Bank (ADB) Head for Pakistan Lerner Liepach has stated that the private sector participation is a pre-requisite to overcoming development challenges and putting the country on the path to sustained growth.
He said this while talking to Lahore Chamber of Commerce and Industry (LCCI) President Ijaz A Mumtaz.
Liepach stressed the need for more resources for investment, domestic and FDI particularly in export-oriented sectors through higher productivity and competitiveness, with more diversification of economy and exports.
Providing a briefing about the Country Partnership Strategy 2015-2019, he said that the strategy would focus on infrastructure development, sector reforms, capacity development and institutional reforms.
He said that although ADB is extending assistance to fulfill the enormous infrastructural needs of Pakistan but substantial results can be achieved if other investors from the private sector can co-finance the big infrastructure projects with ADB.
Speaking on the occasion, Mumtaz appreciated the initiative taken by the ADB for Pakistan with regard to providing assistance especially through the Country Partnership Strategy (CPS) 2009-2013.
He said that it is vital to continue this partnership and hence it is a good omen that the ADB is ready to launch CPS 2015-2019.
It has been learnt that the recently expired CPS was rated less than successful but by way of plugging the gaps, the rating can be improved, said the LCCI president.
Mumtaz suggested that the periodical evaluation of projects should be done in order to minimise the chances of failure. Similarly, there must be some performance review committees comprising members from public and private sectors who may further assist in timely implementation of policy matters.
He added that priority areas for ADB assistance are of greatest importance for Pakistan’s survival as well as for its future.
He said that ongoing investment and reforms in energy and infrastructure have started showing some positive results but still there is a lot be done.
Published in The Express Tribune, November 1st, 2014.
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