Islamabad : Wednesday, May 10, 2006

Prime Minister Shaukat Aziz has asked Islamic Development Bank (IDB) to participate in the consortium being formed to finance the construction of water reservoirs in Pakistan

Talking to President Islamic Development Bank, Mr. Ahmed Muhammad Ali who called on him here today, the Prime Minister appreciated support provided by IDB to Pakistan in its development process saying Islamic Development Bank has consistently played a vital role in Pakistan’s economic development which is deeply appreciated all across the country.

“IDB is our development partner and Pakistan values and welcomes the advise given by the Bank?, said the Prime Minister.

The Prime Minister also acknowledged the role played by IDB in the development of Muslim countries. He said the Ummah can take justifiable pride that the IDB has evolved into an internationally recognized and reputable institution under the inspiring and highly competent leadership of Dr. Ahmed Muhammad Ali.

The President, IDB assured the Prime Minister of Bank’s support in the construction of water reservoirs. He said the Bank is also considering to finance projects in railways and energy sector.

The President Islamic Development Bank apprised the Prime Minister of IDB’s restructuring and reorganization plans. The Prime Minister assured Dr. Ahmed Muhammad Ali of Pakistan’s support in the restructuring plans which will enable the bank to face the challenges posed by the fast rapidly changing world. The restructuring plan will transform the bank into a more dynamic and productive organization.

The Prime Minister said that Pakistan is promoting Islamic banking and Islamic insurance systems and the share of Islamic banking in the overall banking system is increasing. He said new players are investing in Pakistan in the fields.

Talking of the economic recovery achieved by the country, the Prime Minister said that all economic indicators are showing an upward trend, index of human development is improving, poverty is declining and inflation rates are decreasing.

Mr. Shaukat Aziz said that reforms is a continuous process and the government is now focusing on transferring the benefits of growth to all segments of society to improve the living standard of people particularly in the less developed areas.

The Prime Minister said that priority areas of the government include health and education, gender empowerment and the infrastructure development as these are all critical elements put to leverage the true potential of the country.

The Prime Minister apprised Mr. Ahmed Muhammad Ali that the World Economic Forum will be held in Pakistan in September this year and sought his advice and support of IDB to make the meeting a real success.

The Prime Minister also thanked IDB President for the support and assistance provided by the Bank for reconstruction and rehabilitation of earthquake affected areas. IDB is providing $ 500 million for these areas in AJK and NWFP.

The President, IDB appreciated the reforms agenda of the government and said that Pakistan has a special place in the Muslim world and it is playing an important role in strengthening the Muslim Ummah.

The meeting was attended among others by Minister of State for Economic Affairs Division Ms. Hina Rabbani Khar and senior officials.