Government Taking Steps to Encourage Private Sector-led Growth: Minister

Minister for Economic Affairs Omar Ayub Khan Friday said the government was taking extensive reformatory actions to improve the business environment in the country and encourage private sector-led growth.

He made these remarks during a meeting with the high-level delegation of the International Finance Corporation (IFC) of World Bank Group, headed by Senior Vice President (Operations) Stephanie von Friedeburg.

Talking to the delegation, the minister said the government was facilitating both domestic and foreign investors through various incentives and policy reforms, including measures to ensure ease of doing business.

In the meeting, it was highlighted that IFC was providing USD 1.2 billion to 47 companies in Pakistan. The Minister appreciated the IFC’s continuous support to improve the business activities in Pakistan.

Stephanie von Friedeburg appreciated the efforts of the government for creating an investment culture and taking steps to ensure ease of doing business and achieving the Universal Financial Access targets. She highlighted that IFC was supporting infrastructure, natural resources, manufacturing, and agribusiness in Pakistan. IFC, she said, was also providing advisory services for enhancing finances, improving the investment climate, providing public-private partnership solutions, and designing environmentally and socially sustainable practices.

The minister assured the delegation of full support from the government to IFC for enhancing its operations in Pakistan. He said the provision of basic services, including education, health, safe drinking water, and sanitation, was the topmost priority of the government. The government, he added, was focusing on the socio-economic uplift of the underprivileged and remote areas across the country. He maintained that the government was encouraging innovative financing models to leverage private sector investment in infrastructure development and the social sector.