The Executive Vice President of the International Finance Commission (IFC), Philippe Houerou praised economic policies and strict financial discipline of the Pakistan government that has brought about a turnaround in the country’s economy.
In a meeting with the Pakistani delegation, led by Finance Secretary Dr Waqar Masood Khan who called on him, the IFC’s Vice President appreciated the improvement in macro indicators and growth rates.
Attributing the turnaround to the sound economic policies and strict financial discipline of the government, Houerou assured all support from IFC in the financial and energy sectors. He also discussed with the delegation the issuance of Rupee Bonds in Pakistan.
IFC programme portfolio in Pakistan was discussed during the meeting. Pakistan represents IFC’s second largest country exposure in the Middle East and North Africa.
Till September last year, IFC had committed over $5.2 billion in the country. During the next few years, IFC is expected to invest about $500 million annually in Pakistan, with a focus on infrastructure, particularly renewable and low-cost power, financial markets, agribusiness, manufacturing, and services.
Dr Masood briefed Houérou about the turnaround in Pakistan’s Economy and said that the improvement in macro indicators had led to increased presence of World Bank Group in Pakistan.
Dr Waqar Masood invited IFC to join other development partners like ADB and China Development Bank in setting up Pakistan Development Fund which will take infrastructure development in Pakistan to a higher trajectory.
He shared with the IFC official the ambitious project of laying of gas pipelines to transport gas from Karachi to Lahore. In the first phase, an LNG line from Karachi to Lahore will be completed by the end of the current year.
Another line will be constructed with the help of Russia, and in the third phase, another line will be constructed to transport gas from Gwadar to Nawabshah.
Dr Masood said that in view of the improved investment climate IFC should set up a credit line for LNG and energy projects.
