Minister for Finance Senator Ishaq Dar said on Thursday that government of Prime Minister Muhammad Nawaz Sharif has zero tolerance for incompetence, delay in development schemes and no tolerance for any hindrance in internationally funded projects.
He stated this at a meeting with a delegation of International Fund for Agricultural Development (IFAD) led by Vice President Michel Mordasini met Finance Minister Ishaq Dar on sidelines of 39th Islamic Development Bank Board of Governors (IDBG) meeting in Jeddah on Thursday.
According to a message received here, Ishaq Dar informed IFAD delegation that financial procedures have been streamlined and Executive Committee of National Economic Council (ECNEC) and other government bodies are working professionally and quick decisions are taken on projects of national interests.
Vice President IFAD was accompanied by Suleman Alsawi Chief Arab and Gulf States. From Pakistan side Secretary Economic Affairs Division Saleem Sethi and Consul General Aftab A Khokhar were also present.
Finance Minister Ishaq Dar 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.
He thanked IFAD for working closely with Pakistan government to develop and finance programmes that enable rural poor people to overcome poverty themselves.
He also appreciated IFAD’s contribution towards economic development in Pakistan which consists of 2 on-going and one approved project costing US$ 124.82 million, including IFAD’s loan funding of US$ 105.30 million
Finance Minister Ishaq Dar 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.
Vice President IFAD Michel Mordasini showed keen interest in enhancement of relationship with a renewed commitment. He thanked Finance Minister 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.