Finance Minister Ishaq Dar said on Tuesday that load shedding crisis in the country would be overcome by December 2017 as the government would be able to add 10600 MW. Addressing a function "roundtable conference on Pakistan Paradise for Investment", jointly organised by Board of Investment and a local newspaper, the minister said that currently the country is facing a shortfall of 4500 MW; however by the end of December 2017, 10600 MW power projects would be completed.
The minister said Pakistan has been turned into a stable economy in a period of two years and international financial institutions are also recognising the economic performance of the country. Dar said that not only has the government non-development expenditure by 30 to 40 percent, it has also taken efforts aimed at increasing development expenditure. In 2013, development expenditure was recorded at Rs 315 billion while it is expected to reach Rs 700 in this fiscal year. The country''s forex reserves stand at $18.5 billion, a record high and all international rating agencies hold the country''s economy in high esteem, Dar added. The country''s foreign exchange reserves have reached the equivalent of four months import bill. Dar further stated that government has decided to conduct population census next year.
The China-Pakistan Economic Corridor (CPEC) project would remain the top priority. All the political parties are invited to sign a charter of economy, said Dar, adding that the country''s development can be achieved through foreign investment and not by taking foreign loans. He said that politics on economy must stop now and everybody must contribute to prosperity of the country.
He said that the government would take all the provinces towards the development of the country. The minister said that a written agreement was reached with traders on reduction of 0.6 percent on banking transaction during Ramazan. Dar further said the government is ready to address the difficulties of traders; however one has to contribute in the development of the country. Political parties are not supporting government on the withholding tax due to political reasons.
The minister said the government had taken concrete measures to address the issue of militancy and restore normalcy. An All-Party Conference set the ball rolling and operation in Karachi was initiated in September 2013. The minister said that the crime rate has declined by 80 percent in Karachi and life has returned to normalcy in the economic hub of the country. As a result of the collective decision of civil-military leadership the national flag is being hoisted in Balochistan. Anti-Pakistan elements are now ready to come to negotiation table, he added.
The Minister said the launch of the Zarb-e-Azb operation has greatly helped curb the scourge of militancy and a number of high profile targets. The international community should appreciate Pakistan''s sacrifices in the war on terror as it has suffered economic losses worth over $100 billion; and it also suffered over 50,000 casualties in the war on terror. The Finance Minister cited CPEC, CASA1000 and TAPI as examples to forge regional integration.
Earlier, addressing the ceremony, President Mamnoon Hussain said that the CPEC project is significant for the economies of the region. He called for simplification of rules and procedures to attract foreign investment in the country. The President further said the country''s large population and strategic location make it an attractive place for investment. He pointed out that energy projects have been launched to add sufficient power to the national grid by 2018. He said the government also embarked upon an economic rebuilding plan last year and abolished discretionary grants and minimised subsidies.
As regards the menace of terrorism and extremism, Mamnoon said this problem is being controlled through the operation Zarb-e-Azb which is almost in completion stage. Expressing satisfaction over the economic performance of the last two years, Mamnoon said Pakistan is one of the most attractive destinations for both domestic and foreign investment.
He said Pakistan has one of the most liberal foreign investment regimes in South Asia where foreign investors are allowed one hundred percent ownership and generous tax concessions. About the China-Pakistan Economic Corridor project, the President said this project is significant for the economies of the region. Addressing the conference, Chairman Board of Investment Miftah Ismail said the government is pursuing a policy to address impediments in way of investment. Chinese Ambassador to Pakistan Sun Weidong said Pakistan is emerging as a destination for investment with security situation constantly improving.
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