According to newspaper reports, the International Finance Corporation, a unit of the World Bank, has decided to invest $500 billion in Pakistan in the coming years to improve across the border trade, provide out of court assistance and support renewable energy sector. The corporation will also provide $15 million to set up a wind farm in Sindh as part of its assistance in the field of renewable power generation as well as to support economic development in Pakistan. The wind power facility near Karachi will add another 50 megawatt to the national grid and curtail frequent power outage in the city.
The energy crisis has been hampering the national development for the last many years as wheel of the industry needs electricity to improve the gross national products. It is important to note that private sector or corporate sector is the lifeline of the national economy and days of the government as the main source of services have gone past in the annals of history. The country has experienced nationalisation of big commercial organisations and corporations which have been turned into liabilities over the years due to corruption and mismanagement in their workings. It is a good omen that the federal government and provinces are now encouraging the private sector to seek foreign investment and boost industry and economy in the country. The nationalised entities are also being sold off and private sector is reaching a take off stage.
Pakistan has braved a huge economic disaster during the previous Pakistan People’s Party government when the political leadership had failed to curb corruption within its ranks.Though the PPP government envisaged various promising projects such as Pak-China economic corridor and Turkmenistan–Afghanistan–Pakistan–India gaspipeline, but economy sank during the party government. Now it is the time and opportunity for the present Pakistan Muslim League-Nawaz government to prove its mettle for the economic development of the country. The economic and commercial circles have raised eyebrows on some of the steps by this government too such as imposition of duty on the imported coal used for power generation and extra GST on petroleum products which needs to be rationalised. Obviously, duty on the imported coal will increase cost of production, backfiring efforts to produce cheaper cement for the consumers in the country.
Things always move forward when common sense prevails and the government has the chances to grab the economic and trade opportunities pouring in Pakistan for the last some time.
