President Islamic Development Bank (IDB) meets with the Finance Minister

President Islamic Development Bank ( IDB ) meets with the Finance Minister

President Islamic Development Bank ( IDB ) Dr. Ahmad Mohamed Ali Al Madani met with the Finance Minister Senator Ishaq Dar, at the Finance Ministry today, to discuss ways and means to further enhance cooperation between IDB and Pakistan.

The Finance Minister thanked the President IDB for his personal interest in polio eradication in Pakistan and acknowledged IDB’s role in organizing the International Ulema Conference in Islamabad to mobilize opinion for polio eradication. He appreciated the support for the Polio Eradication Programme (US $227 million) which is an important government priority.

The Finance Minister informed the President IDB that the economic policies pursued during the last one year by the Government of Pakistan has started producing positive impact on the overall economy of the Country. He said that with the successful launch of Eurobond in the international market, auction of 3 G/ 4 G Spectrum, WB support to Pakistan for IDA 16 including Dasu hydro power project, ADB assistance for Jamshoro power project and successful divestment of UBL shares, the confidence of international investors in Pakistan is overwhelming.

He further informed that Pakistan has credible reserves of oil and natural gas but unfortunately due to lack of proper planning and vision, the Country remained under explored where only 44% area is explored whereas the success rate is much higher as compared to other regions. He said that in Pakistan exploration well success ratio is 1:3 whereas in highest in the world.

He mentioned that during the last one year, due to prudent policies of the Government, over 30,000 barrels per day of petroleum products have been added to the system from 68,000 bpd in July 2013 to over 100,000 bpd as of today. He mentioned that in only one year, the production of local oil has increased by 30-40% and it is due to the commitment of the Federal Government that the situation is improving every day. He added that there is huge potential in Oil and Hydrocarbon exploration in Pakistan and foreign companies can benefit from these opportunities.

Moreover the Finance Minister mentioned about the special incentives announced in the budget for the exporters, agriculture sector, textile and IT industry to harness the full potential of the Country. He added that our policies will ensure growth in agriculture and value added exports. He said that the Government of Pakistan has prioritized economic revival as a key policy objective and that it intends to pursue it in consultation with development partners and stakeholders.

President IDB appreciated Pakistan’s plans for the development projects initiated by the present government. He informed that the International Ulema Conference is a great initiative and he was happy with the attendance in the Conference. He said that our hearts beat with Pakistan and we will play our due role in polio eradication from the country with the help of the government and the religious community.
He emphasized that IDB is ready to play its role to help Pakistan in enhancing its relations with the Islamic world and the African countries. He informed that IDB will support cooperation among the Islamic Umma. He also mentioned that IDB will help promote trade relations among the Islamic countries and Pakistan will be assisted in enhancing its exports to the Islamic countries.

He also committed to remain engaged with Pakistan on polio eradication and its developmental projects including Neelum Jhelum Hydro power project, Jamshoro coal power project and CASA 1000. He hoped that Pakistan will continue to progress and emphasized that the IDB will do whatever it can to help Pakistan develop as per aspiration of its people and leadership.

The Finance Minister conveyed Prime Minister Nawaz Sharif’s good wishes for the President IDB and the President reciprocated for conveying his congratulations and prayers to the Prime Minister of Pakistan and the Finance Minister on economic turn around of the Country.

The Finance Minister thanked the President for continued support to Pakistan and said that the Government intends to work closely with the Bank under the Group Member Country Partnership Strategy of IDB for Pakistan (2012-2015) which has a resource indication of US $ 3 billion for development initiatives in Pakistan. The Finance Minister expressed his resolve to continue to work together with total commitment and devotion to the cause of addressing the economic challenges confronting the Islamic world. The Finance Minister said that he is looking forward to participating in the 39th Annual Meeting of the Board of Governors in Jeddah next week.

Dr. Waqar Masood, Finance Secretary, Rana Assad Amin, Advisor to the Finance Ministry and SA to FM, Mr. Shahid Mahmood and senior officials of the Finance Ministry also attended the meeting