The Chairman of the National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of the All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said on Tuesday that the business community welcomes the ten-year package of $40 billion investment in Pakistan under the World Bank.
He said the World Bank’s decision acknowledges the improvement in Pakistan’s political and economic situation for which the prime minister, army chief, and their team have worked hard.
Mian Zahid Hussain said our institutional and economic reform program is progressing rapidly. The country’s economy is moving in the right direction toward development, which is increasing the confidence of domestic and foreign investors and international institutions.
Talking to the business community, the veteran business leader said that the World Bank’s decision to invest $40 billion in Pakistan over 10 years under the Country Partnership Framework is laudable. The prime minister and his team deserve credit for this.
Mian Zahid Hussain said that out of $40 billion, $20 billion will be spent on the social sector, improving many sectors, including health and education. In addition, the International Finance Corporation will invest $20 billion in the private sector, increasing economic growth and improving employment, income, and productivity.
The business leader said the development would yield excellent results and added that the World Bank has always helped Pakistan. Still, its commitment has waned over the past few years due to the government of unserious people in the country.
However, this institution has become optimistic again and looks forward to full cooperation.
Mian Zahid Hussain noted that, at present, political stability in the country, exports, and remittances are continuously increasing, and investment in the productive sector is increasing due to low interest rates.
However, he said, the pace of revenue collection and introducing transparency in the system to control corruption is somewhat slow, and this can be improved. The FBR needs to work quickly on reforms, transparency, and digitization to improve the tax system.
In addition, the energy sector requires more focus to guarantee a steady supply of reasonably priced electricity.
Mian Zahid Hussain further said that after SIFC was formed, many international and local institutions and experts had raised objections to it. Still, time has proven that this institution has played an important role in paving the way for one-window operation, investment, and partnership in Pakistan.
