RAWALPINDI, Aug 9: President Gen Pervez Musharraf on Tuesday called for greater trade between the Muslim countries through removal of barriers for their rapid and sustainable socio-economic development. He was addressing a meeting pertaining to the reforms of the Islamic Development Bank (IDB) aimed at making it an effective institution, capable of facilitating speedy development of the Muslim world through enhanced trade and investment.

“The bank should be enabled to lead initiatives in bringing down trade restrictions and expanding the trade volume from its current 12 per cent so that the Muslim countries may complement each other’s economies through utilization of their enormous resources,” he said.

The president recommended that the IDB should be able to finance various projects that may help the Muslim world stem poverty, step up human resource development, achieve scientific and technological advancement and encourage investment among the members of Organization of Islamic Conference.

“These are some of the common challenges facing the Muslim countries and need collective efforts to make up for the lost time and provide an enabling environment for progress and well-being of the young generation,” he said.

An 11-member commission has been formed under the chairmanship of former Malaysian prime minister Dr Mahathir Mohammad to introduce far-reaching reforms in the Islamic financial institution.

The initiatives for the IDB reforms are part of the Muslim countries’ efforts to make the OIC and the IDB vibrant bodies. President Musharraf had highlighted the importance of reforms in the IDB at the OIC Summit in Putrajaya in 2003. Governor State Bank Dr Ishrat Hussain, who represents Pakistan on the commission, briefed the president about the task ahead and sought his guidance in this regard.

Minister of State for Finance Omar Ayub Khan, Adviser to the Prime Minister on Finance Dr Salman Shah and senior officials attended the meeting. —-APP