Our rational economic policies have developed the confidence of foreign donor agencies in Pakistan. Our vision of making Pakistan a self sustaining and self sufficient economy will soon be realized. Prime Minister Muhammad Nawaz Sharif said this while appreciating the efforts of Finance Minister and Ministry of Finance in its efforts to realize the US $ 700 million Assistance for Pakistan by World Bank.
The World Bank in its meeting on 11 May, 2014 had approved a total of US $ 700 million worth assistance for Pakistan’s two projects. The assistance is meant for 4500 MW Dasu Hydropower Project (US $ 600 million) and Sindh Water Irrigation Project (US $ 100 million).
Prime Minister said the confidence of World Bank is also evident from the already approved US $ 1 billion for budgetary support to Pakistan. The World Bank’s support and commitment with Pakistan reflects their confidence in the leadership and vision of our government, PM added.
Prime Minister said that The Dasu Hydropower Project will not only improve the water storage and irrigation system of Pakistan but also provide 4500 MW of Power to our Power starved economy.
Prime Minister said that we have embarked upon a journey of development and our economic policies have shown positive results. Our economic policies have resulted in raising the foreign investor’s interest in Pakistan and in last one year the foreign investment has gained substantial increase, PM added. We will fulfill the promises made with the nation to make Pakistan self-sufficient in energy and water resources, PM added.
He added that the Government of Pakistan is working with the USAID to organize an international investors’ conference, for Diamer Bhasha Dam, in September this year in Washington DC.
Prime Minister said that we have initiated several energy projects to overcome energy shortage in country. We have initiated short term as well as long term policies in this respect. The short term projects will be completed in next 4-5 years while the completion time of long term projects is 10-12 years. We have not only planning to overcome the shortage but also planning to meet the growing need for the future, PM said.
PM also referred to the World Bank report on “Global economy prospects” which has termed Pakistan’s economy as stabilized and improving and reported that after several years of decline, the investment rate is projected to rise, and said that the report has given unbiased study of our economy and has discarded the impression of few, who rejected the government’s figures of growth.
The World Bank loans are purely concessionary and cheap in nature with repayment schedule spanning over a period of twenty five years including five years grace period, with no interest and a nominal administrative charges of 2% per annum.