Pakistan's Prime Minister Shaukat Aziz has appreciated the Asian Development Bank s $6 billion package to Pakistan for the development of various sectors. It is a reflection of the confidence reposed by major international financing institutions on the economic credentials of Pakistan, Aziz said while talking to the Director General of the Asian Development Bank, Juan Miranda, according to an official statement. Giving an overview of Pakistan's economy, the Prime Minister said the country maintained a solid economic pace in 2006-07 and achieved 7% growth. The magnitude of growth that Pakistan has achieved during the previous five years has positioned Pakistan as one of the fast growing economies in Asia, he said. Aziz said Pakistan's economy grew in the initial 53 years by only $ 63 billion whereas it achieved a record growth in the last seven years of $ 87 billion reaching a total size of $ 144 billion. This reflects the sound economic policies and reform agenda of the government. The Prime Minister said that Pakistan has emerged as a preferred destination for investments. The total foreign investments, he added, has touched record level of $ 8.5 billion which shows the confidence of the foreign investors in government's policies. Pakistan is blessed with a unique demographic dividend, Aziz said adding that of 160 million people, 100 million are below the age of 25 which will contribute to the economic growth and would further increase the middle class. The per capita which was $ 438 seven years ago has increased to US$ 850 and is likely to touch US$1000 by next year. Juan Miranda said that ADB Country Assistance Strategy is in the process of finalization and is aimed at providing $ 6 billion over a period of three years to Pakistan. Its utilization, he said, would include energy sector, national trade corridor, urban development, resource management, transportation, communication and poverty alleviation.
