ISLAMABAD, Oct 21: The World Bank has observed that Pakistan had a dynamic future and tremendous development potential. “Pakistan is rich in human capital and the government’s policy to invest in human resource development will provide the country with more opportunities,” World Bank Managing Director Graeme Wheeler said while talking to Prime Minister Shaukat Aziz here on Saturday.
He appreciated the infrastructure strengthening programmes of the government and said the idea of building multiple corridors linking Central Asia with Western China would create more opportunities in the region and more investments would be made.
Mr Wheeler said Pakistan has an impressive record in terms of growth, development and poverty alleviation.
He said the pace of implementation of reforms was extraordinary and it was heartening to note that inflation was coming down.
Reiterating the government’s resolve to continue to pursue the reform agenda expeditiously Mr Aziz said that ensuring water, energy and food security, infrastructure strengthening and human resource development would be the priority areas of the government during the next 5-10 years.
He appreciated the technical and financial assistance provided by the World Bank in the implementation of the reform agenda.
The prime minister said because of the geo-strategic location Pakistan served as a bridge between three important regions of Asia and the government was working to promote regional trade.
He said Pakistan’s vision of building trade, energy and transportation corridors had been well received by various countries of the region.
The prime minister said the government was also working to establish Pakistan as high value added internationally competitive regional hub for manufacturing and trade and to achieve that goal “we are focusing on improving the logistics chain”.
Under the National Trade Corridor Plan, Mr Aziz said, network of roads and bridges was being built and procedures and processes had been simplified to make them efficient.
The strengthening of infrastructure had added to the competitiveness and productivity of goods, the prime minister added.
The prime minister said that with the economic growth at 6.6 per cent in 2005-06, Pakistan’s economy had grown at an average rate of almost 7 per cent per annum during the last four years with over 7.5 per cent in the last three years, thus enabling it to join the fastest growing economies of Asia.
“This year, we are expecting around 7 per cent growth and all indicators show the growth will be higher,” Mr Aziz said, adding that agricultural production was better in the current year.
The prime minister said the privatisation programme was on track. The economic and political stability, consistency, continuity and openness of policies, good governance and transparency had restored the confidence of investors and foreign direct investments were at an all time high.
He eulogised the World Bank’s assistance for the rehabilitation process in the quake-hit areas and said that rebuilding and rehabilitation programme was going on at a fast pace and almost 90 per cent of the people living in tents had been provided temporary shelter.
Adviser to the Prime Minister on Finance Dr Salman Shah, Minister of State for Economic Affairs Division Hina Rabbani Khar, World Bank South Asia Region Vice-President Praful C. Patel, Executive Director Shuja Shah, Country Director John W. Wall and senior officials also attended the meeting.
