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Zero tolerance policy on delay in uplift schemes: Dar

27 June, 2014

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ISLAMABAD: The finance Minister Senator Mohammad Ishaq Dar Thursday stressed that the Prime Minister Nawaz Sharif has zero tolerance for incompetence, delay in development schemes and no tolerance for any hindrance in internationally funded projects. Dar also urged IFAD to enhance its funding for projects in Pakistan focusing rural poor.

A delegation of International Fund for Agricultural Development (IFAD) led by Vice President Michel Mordasini met Finance Minister Senator Ishaq Dar in sidelines of 39th IDBG meeting.

During the sitting the Finance Minister said that government was thankful to IFAD for its participation in different projects in eradicating rural poverty in Pakistan through low-interest loans and grants.

Dar expressed his strong gratitude toward IFAD for working closely with Pakistan government to develop and finance programmes that enable rural poor people to overcome poverty themselves.

The Minister also appreciated IFAD's contribution towards economic development in Pakistan which consists of 2 on-going and one approved project costing US$ 124.82 m, including IFAD's loan funding of US$ 105.30 m.

The government of Prime Minister Mohammed Nawaz Sharif has zero tolerance for incompetence, delay in development schemes and no tolerance for any hindrance in internationally funded projects, observed the Minister.

Ishaq Dar informed IFAD delegation that financial procedures have been streamlined and ECNEC and other government bodies are working professionally and quick decisions are taken on projects of national interests.

He emphasized 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.

At this occasion the Vice President IFAD, Michel Mordasini showed keen interest in enhancement of relationship with a renewed commitment.

IFAD's top official thanked Dar for his interest and assurance for removing bureaucratic hurdles and providing an investment friendly environment.

Both the dignitaries also discussed matter of enhanced partnership for joint ventures in Pakistan aimed 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 in introducing food technology in agricultural sector.

Secretary Economic Affairs Division Saleem Sethi and Consul General Aftab A Khokher were present in the meeting to assist the Federal Finance Minister.

End.

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