‘Zero tolerance for incompetence, delay in uplift schemes’

ISLAMABAD: Minister for Finance Senator Ishaq Dar said on Thursday government has zero tolerance for incompetence, delay in development schemes and no tolerance for any hindrance in internationally funded projects. Meeting with a delegation of International Fund for Agricultural Development (IFAD) led by Vice President Michel Mordasini on sidelines of 39th Islamic Development Bank Board of Governors (IDBG) meeting in Jeddah Dar informed IFAD delegation financial procedures have been streamlined and Executive Committee of National Economic Council (ECNEC) and other government bodies were working professionally and quick decisions were taken on projects of national interests. Dar said government was thankful to IFAD for its participation in different projects in eradicating rural poverty in Pakistan through low-interest loans and grants. He thanked IFAD for working closely with Pakistan government to develop and finance programmes that enable rural poor people to overcome poverty themselves. He appreciated IFAD’s contribution towards economic development in Pakistan, which consisted of 2 ongoing and one approved project costing $124.82 million including IFAD’s loan funding of $105.30 million. He emphasisd the need for enhancement of IFAD’s funding for projects in Pakistan, particularly those aimed at rural poor and suggested close collaboration between IFAD and Islamic Development Bank. Michel Mordasini showed keen interest in enhancement of relationship with a renewed commitment. He thanked Dar for his interest and assurance for removing bureaucratic hurdles and providing an investment friendly environment. They discussed matter of enhanced partnership for joint ventures in Pakistan aiming at irrigation system, extension of credit facility to the farmers for purchase of latest farm machinery and equipment and adoption of modern farming techniques and investment in roads and communication infrastructure in rural areas and also introducing food technology in agricultural sector.Meanwhile Dar appreciated the Islamic Corporation for the Development of the private sector (ICD) for its support to Pakistan’s private sector and for providing financial services for the privatisation process of the country. Talking to ICD Chief Executive Officer Khaled Mohammed Al-Abondi on the sidelines of the meeting of IDBG Dar said Pakistan wanted to strengthen its relationship with ICD and would support its operations in Pakistan.He appreciated ICD’s submission along with Burj Bank of bid for appointment as Financial Adviser for launch of planned $1 billion Sukuk. He informed the bids received would be evaluated after presentations, which were being arranged within a week. He assured ICD’s bid would be evaluated on merit in accordance with Pakistan’s rules, procedures and statutory requirements, besides due consideration would be given to ICD’s Articles of Agreement.CEO ICD congratulated Dar on visible improvement in micro-economic indicators as a result of transparent and credible economic policies of the government. He assured ICD’s enhanced role in Pakistan to support the economic development through provision of finance to private sector projects in accordance with the principles of the Shari’a law. 

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