Institutional Framework of Pakistan guarantor for economic growth:Governor State Bank

ISLAMABAD: Acting Governor State Bank of Pakistan Yaseen Anwar said on Thursday the dynamic macro-economic framework of Pakistan is a guarantor of future growth. He stated this while addressing the inaugural session of Friends of Democratic Pakistan (FoDP) workshop on institutional capacity building at Ankara (Turkey), says a message received here Thursday.

The Acting Governor State Bank said international community should continue supporting Pakistan in its endeavours to further strengthening the institutional framework. Terrorism has not dampened the spirit of Pakistani citizens. Pakistan’s energy, agriculture, infrastructure and banking sectors have tremendous scope for growth.“Despite the challenges, foreign investors have not lost a single penny and are regularly repatriating profits overseas,” said Mr. Anwar.

He informed the participants that Thar Coal in Sindh Province has the potential to generate 65-times more energy than the present requirements of Pakistan. Pakistan is the 4th largest milk producer and the dairy sector still offers immense opportunities for growth and investment, he added.He said international economic experts in their recent assessment have termed Pakistan’s banking regulatory policies as No.1 in the world.“With 85% of banking operations conducted by private banks, Pakistan’s financial sector is an attractive market”, he added.Senator Syeda Sughra Imam, a member of Pakistani delegation in her  address said continuing support of the international community was necessary for institutional capacity building that will lead to sustained economic development of Pakistan.She read out message of the President of Pakistan.

The President in his message said “We are counting on the support of  our friends and we deeply value their contributions. Long-term institutional partnerships for capacity building have been one of our top priorities with the view to enhancing the capacity of our institutions.”Senator Imam identified agriculture, energy, higher and technical education, governance, security and democracy as key areas for institutional capacity building.With strong democratic institutions and with friends support, Pakistan would overcome the current challenges and would sustain and increase the momentum of equitable economic growth.Deputy Undersecretary of Ministry of Foreign Affairs of Turkey, Halit Cevik in his welcome address said friends of Pakistan are willing to share expertise and establish institutional linkages which will not only help Pakistan but shall have utility for the whole region.
Representatives of the FoDP countries assured their fullest support for Pakistan in its endeavours of reforms and institutional strengthening.

UN Special Representative for Assistance to Pakistan, members of the FoDP including Australia, Canada, Denmark, Egypt, France, Germany, Japan, Korea, Republic of Korea, Saudi Arabia, Italy, Netherlands, Norway, Sweden, Switzerland, Turkey, United Kingdom, USA and international organizations including the World Bank, Asian Development Bank, European Union, United Nations and its Agencies attended the workshop.The opening session was followed by working sessions on agriculture, energy, higher education, technical & vocational education, and security. – APP