The Competitiveness Support Fund (CSF), funded by the U.S. Agency for International Development (USAID) and Pakistan's Board of Investment have signed a Memorandum of Understanding (MoU) to support structured economic reform processes for improving Pakistan s investment climate and enhancing its economic competitiveness, said a U.S. Embassy Islamabad statement. Witnessed by U.S. Embassy Counselor for Economic and Commercial Affairs Amy E. Holman, the MoU was signed by Federal Minister for Privatization and Investment Zahid Hamid and Minister of State for Finance and CSF Chairman Omar Ayub Khan. Competitiveness is the key to long-term economic growth, said Amy Holman while speaking on the occasion. We are pleased to see that the Government of Pakistan s policies of de-regulation, liberalization and privatization are working and providing concrete results. USAID s funding for economic growth initiatives will exceed $73 million, out of which Thursday s agreement reaffirmed U.S. commitment of $12 million to continue generating economic success and reducing poverty in Pakistan, the statement said. According to the MoU, Board of Investment and CSF will undertake joint initiatives to support the creation of a Foreign Investors Council of Pakistan (FIC) as a forum for policy dialogue between the Government of Pakistan and the Foreign Investor Community with a view to strengthening Pakistan in competing for international investment, promoting it as a preferred investment location and enhancing its industrial competitiveness. The CSF is a joint initiative of Pakistan s Ministry of Finance and USAID. It supports Pakistan s goal to have a competitive economy by providing input into policy decisions, working to improve regulatory and administrative frameworks, and enhancing public-private partnerships within the country. Support for CSF is part of the $1.5 billion in aid that the U.S. is providing to Pakistan, through USAID, over five years to improve economic growth, education, health, and governance, and for earthquake reconstruction, said the statement.
