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Infrastructural investment must for sustainable economic growth: Hammad

Federal Minister for Economic Affairs, Muhammad Hammad Azhar Thursday said Pakistan needed huge infrastructural development investment for the sustainable development in the country.

 

Pakistan is the 6th largest populated country in the world with 200 million population and it has huge chunk of youth and untapped resources, he said while addressing Pakistan Business forum workshop, organized by Asian Infrastructure Investment Bank (AIIB) here.

He said, “We want to bridge the gap between infrastructure and social sector development to achieve the government’seconomic agenda.”

He said AIIB supports for different projects of roads, energy, sanitation and mass transit.

He said AIIB has approved different projects amounting to $511.81 million for the infrastructural development in Pakistan, which contribute a lot in our national economy.

The government is mainly focusing on remote areas for providing equal development opportunities to all regions for sustainable growth in the county.

“We are in process of reforms in the institution to enhance the capability of our national institution for rapid work on the international development project of national significance”.

“On the special direction of Prime Minster Imran Khan, we are working to evolve the robust mechanism for project management and to facilitate the foreign investment in the country”, he added.

He said because of the prudent economic policies of the current government, “We have achieved the agenda of economic stability and are going for higher growth.” Hammad said during the last months, Pakistan has achieved the surplus shown in CoD of the country.

He said the tax revenues have also increased by 15 percent as compared to the same months of previous year.

He said number of tax return filers has also increased as compared to past history. He said Pakistan Stock Exchange has also shown bullish trends and reached at 10,000 points in last few days.

He said AIIB has approved $511.81 million for four projects for the infrastructural development in Pakistan.

The amount has been approved for the projects including National Motorway M-4 of $100 million, Tarbela Hydropower Extension Projects $ 300 million, Karachi Water and Sewerage Project $ 40 million and $ 71.81 million Karachi Bus rapid transit projects, he said.

Senior adviser AIIB said that two more proposed projects are in the pipeline including Lahore Water and waste water management project of worth $ 400 million and $ 402 million Rawalpindi Rind Road project, adding AIIB would also provide special grant of $ 0.5 million for preparation of the Lahore Water and Waste-water management.

Konstantin said AIIB is a multilateral development Bank having mandate of faster economic development and providing transnational connectivity to the people for economic integration in the regional countries.