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LAHORE, Jan 26 (APP):World Bank (WB) Vice President for South Asia Martin Reiser said on Sunday Pakistan had the potential to become a trillion-dollar economy by 2035 with an annual growth rate of seven per cent.
In a statement issued here, he said that long-term projections were difficult, but if Pakistan seriously implemented its domestic economic recovery plan, the target could easily be achieved. Achieving the target was quite possible; however, key reforms and strong policies were needed for that.
Reiser mentioned that the World Bank had promised to provide $20 billion to Pakistan in the next 10 years. However, he clarified that the amount would be provided according to Pakistan’s economic capacity and reforms.
Martin Reiser said that Pakistan needs to carry out key economic reforms for a seven per cent annual growth rate.
He added that the country should focus on the factors that were within its control, especially to attract foreign investment and improve trade relations.
The WB vice president further said that he had consulted representatives of various political parties and civil society in Pakistan to build consensus on economic plans. He also explained that the $20 billion loan for Pakistan was conditional and indicative, which would be in line with the size of the country’s economy and its repayment capacity. He stressed that Pakistan had many capabilities that could be used to attract investment.