US, FoDP investments in Pak linked to reforms for securing self-sufficiencySeptember 7th, 2010 - 2:58 pm ICT by ANI
Islamabad, Sept 7 (ANI): The United States and the Friends of Democratic Pakistan (FoDP) have linked their investments in energy, reconstruction and water sectors in Pakistan to implementation of policy and management reforms, in order to secure self-sufficiency within a transition span of three years.
Officials said that the government agreed to a set of policy reforms in consultation with the Asian Development Bank (ADB), the Dawn reports.
They added that US President Barack Obama’s Special Envoy for Afghanistan and Pakistan, Richard Holbrooke, had participated in FoDP deliberations a few weeks ago, and had told the authorities that reforms were an important aspect for facilitating investments.
“The key to progress will be the government’s commitment to implement badly needed reforms and the commitment of the FoDP to help facilitate both public and private international investments in the energy sector,” Holbrooke had said.
Pakistan and the FoDP agreed to the reforms regarding circular debt resolution and preventing its recurrence, and steady investment plans’ implementation for generating a sustained requirement for energy financing.
The government gave an undertaking to the FoDP to withdraw subsidy from oil refineries and rationalise ex-refinery prices of products, and removing cross-subsidies from the industrial and commercial sectors to the domestic sector, which could lead to massive hike in tariff for domestic consumers.
Meanwhile, Pakistan President Asaf Ali Zardari asked the DFIs and finance companies to devise a plan in this regard. (ANI)
- Multilateral donors halt budgetary support to Pakistan, seek IMF's 'Letter of Comfort' - Feb 01, 2011
- 'Pak to lose international funding in absence of credible future economic action plan' - Nov 01, 2010
- Pak to lose international funding if power sector not reformed, warns IMF - Nov 03, 2010
- UK wants reforms across sectors for continued aid payment to Pak - Nov 15, 2010
- FoDP-suggested reforms for aid should already have been taken by Pak govt: Editorial - Oct 18, 2010
- 'Friends of Pak' tell it to get its economic reforms in place to ensure survival - Oct 16, 2010
- FICCI calls for radical policy reforms in energy sector - May 07, 2012
- Pakistan seeks financial assistance in Istanbul - Aug 25, 2009
- Pakistan asks US for help to solve energy crisis - Aug 17, 2009
- ADB offers $150 mn loan to improve railway system - Jul 10, 2012
- Energy subsidies unsustainable, reforms needed: Experts - Dec 13, 2011
- Pak hiked IMF loan request on false premise of tax reforms: Official - Mar 30, 2011
- 'Friends' ask Pak to ensure transparency in utilisation of flood-aid - Oct 15, 2010
- Pak needs "accountable, civilian-led democracy" for stability: UN chief - Oct 16, 2010
- Pakistan's economy faces considerable challenges: ADB - Apr 06, 2011
Tags: adb, asaf, asian development bank, barack obama, commercial sectors, debt resolution, dfis, domestic consumers, domestic sector, energy sector, finance companies, international investments, management reforms, oil refineries, policy reforms, richard holbrooke, self sufficiency, steady investment, water sectors, zardari