Govt creating ideal business environment for private sector

ISLAMABAD: Prime Minister Nawaz Sharif on Tuesday said his government believed in liberal and private sector-driven economy and was creating an ideal business environment for the private sector. Talking to Dr. Jim Yong Kim, President World Bank here at the PM House, the Prime Minister said when private sector is adequately facilitated, the business benefits reach to the entire country. The Prime Minister said when the governments start doing businesses, then huge losses in the shape of subsidies are incurred. He appreciated the support of World Bank in Pakistan's economic growth and resuming policy lending after the assumption of office by the present government. He said the policy-based loans would go a long way in helping the government implement its reform agenda and further improve the business environment. Sharif said the government was making all-out efforts to bring improvements in every sector of the economy including development of megahydropower projects, rail and road infrastructure, education and health.

He said the assistance of World Bank for Dasu Hydropower Project and TarbelaIV Extension Project which would help the government in improving the energy mix and reduce dependence on expensive fuels. Dr. Jim Yong Kim expressed full support for the government's tough economic decisions and said that WB supports the structural reform agenda. "I recall my first meeting with you where I had shared my concern about Pakistan's security, energy and macroeconomic stability,"Kim told the Prime Minister and added that, "Let me state that under your leadership, Pakistan has witnessed phenomenal improvements in all three sectors and we support your endeavours." Dr. Jim Yong Kim lauded the economic policies of the present government and said that Pakistan's economic outlook had become stable in result of the ardent efforts of the country's financial team. He said Pakistan was now on the path of increased economic growth and prosperity. The President of World Bank said the country's important strategic location between the world's two largest consumers markets offers unique opportunities to Pakistan for further economic development. Dr. Jim Yong Kim admired the government's projects aimed at achieving better regional connectivity and cooperation. The delegation included Ms. Annette Dixon, Vice President South Asia Region; Dimitris Tsitsiragos, Vice President Global Client Services IFC; Jann Walliser, Vice President Equitable Growth and Patchamuthu Illangovan, Country Director for Pakistan.