Michael, Director, International Finance Corporation (IFC) of Middle East & North Africa Region, has met Prime Minister Mohammedmian Soomro, said an official statement. Our economic reforms agenda and polices are aimed at alleviating poverty in Pakistan and improving the standard of living of the people through creating new economic opportunity in various sectors of national economy, Soomro said. The Prime Minister said that multiple investment opportunities exist in Pakistan and was pleased to note that the IFC is investing in several projects in Pakistan including power generation, telecommunications, infrastructure, financial markets and manufacturing. All these areas, he added, show potential for growth and considering the demographics of Pakistan where around 100 million people out of a population of 160 million are below the age of 25 this trend enhances scope for growth and expansion of the economy. Soomro said that the reform agenda of the government has yielded good results. The continuity and consistency of policies is ensuring continued growth while the outlook of the economy is equally promising, he added. The Prime Minister said that the per capita income in Pakistan has grown to around $1000, which is due to the growth in the GDP. The government is committed towards ensuring equitable growth so that the benefits are spread evenly in the society, he said. He said that the private sector is an engine of growth for the economy and the efforts of IFC in investing and financing the private sector in Pakistan will go a long way in further expansion of the private sector in the country. He said that government is focusing on low cost housing and would encourage the private sector to invest in this sector as well. While appreciating the economic reforms agenda and economic policies, Michael said that IFC has increased its projects in Pakistan and is now considering several additional projects of equity investments in various areas including manufacturing, water and power generation projects. The IFC is the private sector arm of the World Bank Group with the objective to promote private sector investment in developing countries to reduce poverty and improve living standard of the people. IFC finances investments with its own resources and by mobilizing capital in the international financial markets. It also provides technical assistance and advice to governments and businesses.
