Washington: Finance Minister Dr Abdul Hafeez Shaikh expressed the confidence that new foreign investments would flow into Pakistan’s energy sector.
“I think our message about vast business opportunities in Pakistan, the government’s liberal investment regime and policy to facilitate the private sector has been received well,” he told a press conference as he wrapped up four days of meetings with leaders of international financial institutions, his counterparts and U.S. officials.
“Paricularly in the oil and gas and energy sectors, there will some new developments,” he stated. Hafeez Shaikh was asked as to what target Islamabad had set for inflow of foreign investment.
Dr Shaikh did not elaborate on his investment outlook but sources indicated that the U.S. may announce investment in the energy sector in the near future.
The finance minister denied a statement attributed to him in the media that Parliament was hindering progress on economic reforms.
“First of all, I never said anything to that effect— secondly Parliament is sovereign, it has the right to take decisions and nobody can challenge its decisions.
“Let me clarify once again I never uttered anything like that. It has been our effort that all decisions are taken with the approval of Parliament — and we take along all political parties in the coalition and respect their points of view — this is a political process by which national decisions are made.”
Hafeez Shaikh said he apprised the IMF, World Bank and US officials of the measures and reforms like broadening the tax base, bringing additional sectors into tax net, revenue generation and controlling expenditure that the government is pursuing to achieve macro-economic stability.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription