Pakistani companies are provided $1.2 billion by the International Finance Corporation of World Bank Group.
A high-level delegation of the International Finance Corporation of World Bank Group, headed by Ms. Stephanie von Friedeburg, Senior Vice President (Operations) separately called on Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin and the Federal Minister for Economic Affairs Omar Ayub.
Welcoming Ms Stephanie Von Friedeburg, the adviser highlighted the current economic situation of Pakistan and said that the government is committed to introduce reforms in various sectors, in the face of various challenges, to address the long outstanding structural issues and to attain sustainable and inclusive growth.
The adviser stressed that modernization of agriculture and industry as well as focus on IT was vital for increase in exports and economic growth. Government has taken pragmatic steps to tackle inflation, stabilize foreign exchange and increase productivity, he added.
The finance minister also underlined the key features of the Kamyab Pakistan Program (KPP) that will disburse microcredit to 3.7 million under-privileged households for promoting financial empowerment under various schemes.
The adviser informed that the government has taken various steps to attract investment opportunities especially foreign investment and in this regard conducive environment is being provided to the investors. He invited IFC to increase investment in Pakistan to make private sector an engine of growth and development.
Ms. Stephanie Von Friedeburg discussed and supported the efforts taken by the government in social, economic and financial sectors for improvement in the economy of Pakistan. She extended her all-out support for the progress and betterment of economic agenda of the country. The adviser thanked Ms. Stephanie Von Friedeburg for her support for bringing economic progress in the country.
Later, the Minister for Economic Affairs appreciated the IFC’s commitment and its continuous support to boost the business activities in Pakistan. It was highlighted that IFC is providing $ 1.2 billion to 47 companies in Pakistan. The Minister for Economic Affairs expressed that the government of Pakistan is taking extensive reform actions to improve the business environment in the country and encourage private-sector lead growth. Government is facilitating both domestic and foreign investors with various incentives and policy reforms including ease of doing business.
Ms. Stephanie von Friedeburg, Senior Vice President (Operations), IFC appreciated the efforts of government of Pakistan for improving investment climate & ease of doing business rankings and achieving the Universal Financial Access targets. She highlighted that at present, IFC is supporting infrastructure, natural resources, manufacturing and agribusiness in Pakistan. IFC is also providing advisory services for enhancing finances, improving investment climate, providing PPP solutions and designing environmentally & socially sustainable practices.
The minister assured of its full support to IFC for enhancing its operations in Pakistan. The minister highlighted that provision of basic services including education, health, safe drinking water and sanitation are the top most priorities of the government. The government is especially focusing on socioeconomic uplift of the underprivileged and remote areas across the country. The government is encouraging innovative financing models to leverage private sector investment in infrastructure and social sector.