- Mission says CPEC will not only increase Pakistan’s energy production but will also help the country achieve sustained economic growth
ISLAMABAD: The International Monetary Fund (IMF) mission, led by Harald Finger, has hoped that the measures being taken by the government would enable it to achieve an economic turnaround in Pakistan.
The mission, in a meeting with Planning Minister Makhdoom Khusro Bakhtiar on Wednesday, appreciated the China Pakistan Economic Corridor (CPEC) which, according to the team, would not only increase Pakistan’s energy production but would also help the country achieve sustained economic growth.
During the meeting, the planning minister said the mega project had now entered into its second phase with a focus on industrialisation, socio-economic initiatives and joint ventures, especially in the agriculture sector, to increase productivity as well as improve irrigation network system.
He noted that CPEC in its first phase helped a great deal in boosting power generation in Pakistan.
Bakhtiar said the economic and social objectives of the government were aimed at providing relief to the marginalised segments of the society, adding that the government’s prime focus was on human resource development, social security and job creation.
“Keeping in view the economic situation, the Public Sector Development Programme (PSDP) has been rationalised and the throw forward liability of PSDP is brought down to a manageable level,” the planning minister said. “Despite the fact that the Pakistan Tehreek-e-Insaf government inherited a fragile economy, it has taken a number of corrective measures to revive the national economy and put it on the path of sustained growth.”
The minister said emphasis was being laid on attracting investments in areas where it could directly impact the exports and reduce the import bill.
He said that new ways of financing were also being explored, adding that the projects that were run on imported fuel would not be encouraged while the government was also paying attention on improving electricity transmission system in the wake of increased power generation capacity.
The minister underlined that a robust economic plan was being made to enhance tax-to-GDP ratio by increasing domestic revenue.
Planning Secretary Zafar Hasan, CPEC Project Director Hassan Daud Butt and senior officials of the ministry were also present during the meeting.