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Danish Minister for Development Corporation calls on Finance Minister Ishaq Dar

Islamabad, November 06, 2013 (PPI-OT): A six member Danish delegation led by Danish Minister for Development Corporation Christian Friis Bach called on Finance Minister Senator Mohammad Ishaq Dar at the Prime Minister’s office this evening.

The Danish Minister congratulated the Finance Minister on the election of PML-N in the recent elections, successful passage of the budget and concluding an agreement with IMF.

The Danish Minister said that Denmark was committed to its partnership with Pakistan for expanding its trade and economic ties. The Danish Minister informed the Finance Minister that the Danish Government has decided to open a Commercial Section in its embassy in Pakistan.

The Finance Minister Senator Ishaq Dar briefed the Danish Minister on the measures taken by this government to address the macroeconomic imbalance and the austerity measures adopted by this Government along with reforms to improve the revenue of the country. He said that the government had cut non-development expenditure by 30% and this was expected to save Rs.40 billion.

The Finance Minister said that the initial results of the measures taken by the PML-N Government are encouraging as the revenues have registered an increase of 20% in the first quarter of this fiscal year as compare to the corresponding period last year.

The Finance Minister also informed the Danish Minister that the Government has increased its allocation for social sector specially it has doubled its allocation for Social Safety net from Rs.40 billion to Rs.75 billion. The government is committed to increase its spending on education from the present 2% to 4% of the GDP, he added.

The Finance Minister said that the Government has cleared the Circular Debt, announced an energy policy, rationalized tariff and placed a liberal regime for attracting investment in the Energy Sector. He invited the Danish businessman and invest in Pakistan in the energy sector.

The Finance Minister informed the Danish Minister for Development Cooperation that the government is coming up with a new Hydro-Carbon Production and Exploration Policy which would facilitate investment in this sector as Pakistan had known Hydro-Carbon reserves which can be explored.

The Finance Minister said that he was grateful to Denmark for its support of grant of GSP plus by European Union to Pakistan and was looking forward to greater economic cooperation between the two countries. He also thanked the Danish Minister for opening a commercial section in its embassy in Pakistan.

The Finance Minister assured the Danish Minister that the present Government under the leadership of Prime Minister M. Nawaz Sharif is committed to transparency and has zero tolerance for corruption.

The Danish Minister said that he was encouraged by the policies and decisions taken by PML-N Government and was optimistic about expanding the economic ties between the two countries. The Danish Minister assured the Finance Minister that he will convey this message to Danish Businessmen.

The Finance Minister said that Pakistan prefers trade and investment with other countries and informed the Danish Minister that due to the investment friendly policies of the present Government the Overseas Investment Index has increased by 36 points and was now +2. Similarly Moody’s has a positive outlook and Goldman Sasch views Pakistan as one of the eleven emerging economics of the future.

For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
Fax: +9251 925 2325 and +9251 925 2326
Email: piopid@gmail.com

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