Federal Minister for Finance Senator Ishaq Dar Tuesday 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 CanadianOntarioProvince, Charles Sousa, who called on him, Dar said his government was determined to pursue very aggressive infrastructure development programme 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 four ‘E sectors’ that include education, economy, energy and eradication of extremism, Dar said according to a press statement issued on Tuesday by the ministry of finance.
The finance minister also briefed 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 percent source of energy was furnace oil, due to which per unit cost had become exorbitantly high. Hence, the government intended to give priority to clean energy, he said.
The finance minister expressed the hope that the Canadian companies would invest in hydro projects as they had tremendous expertise in this field. He stated that the government had signed a 2000 MW nuclear power plant agreement with China and was negotiating for additional 3000 MW 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 percent for the past few years, this year the growth is expected to be 4 percent.
However, the target of 6 percent growth is likely to be achieved in the next few years owing to various economic reforms being undertaking by the present government, he added.
On the occasion, Sousa expressed the hope that by following robust and vigorous economic agenda, the government would certainly overcome economic difficulties, which would, in turn, pave the way for more foreign investments, both by expatriate Pakistanis and foreign companies.
