ISLAMABAD: Federal Minister for Finance Senator Ishaq Dar has said that the government would spend $ 34 billion in the next four years in various sectors of economy particularly for the expansion of motorways, power transmission lines and development of energy sector.
Talking to Minister of Finance of the Canadian Province of Ontario, Charles Sousa, Ishaq Dar said that his government was determined to pursue infrastructure development programmes in the country to help accelerate economic growth.
“The government is determined to pursue the policy of transparency, good governance and zero tolerance for corruption besides fulfilling its election manifesto by prioritizing sectors that include education, economy, energy and eradication of extremism,” Dar said according to a press statement issued by the Ministry of Finance.
The minister also briefed Charles Sousa about the introduction of 3G and 4G technologies in a transparent process, which would attract massive investments in the telecommunication sector.
He expressed his determination to correct the existing energy mix in Pakistan as currently, 75 per cent source of fuel for energy production was furnace oil, due to which per unit cost had become exorbitantly high. Hence, the government intended to give priority to cheap energy, he said.
The finance minister expressed the hope that the Canadian companies would invest in hydroelectric projects as they had tremendous expertise in this field. He stated that the government had signed a 2000 megawatts nuclear power plant agreement with China and was negotiating for additional 3000 megawatts plant on BOT mechanism.
While speaking about the security situation of the country, the finance minister underscored the need for giving dialogue a last chance. The minister said he would be presenting his second budget in June, 2014, adding although Pakistan’s GDP has been growing at 3 per cent for the past few years, this year the growth is expected to be 4 per cent.
However, the target of 6 per cent growth is likely to be achieved in the next few years owing to various economic reforms being in undertaking by the present government, he added.
On the occasion, Charles Sousa expressed the hope that by following robust and vigorous economic agenda, Pakistani government would certainly overcome economic difficulties, which would, in turn, pave the way for more foreign investments, both by expatriate Pakistanis and foreign companies.
