Energy sector top priority: Shaikh

ISLAMABAD: Federal Minister for Finance Dr. Abdul Hafeez Shaikh said on Wednesday the government was committed to strengthening the energy sector for overall economic development of the country.

"In order to achieve target of overall economic development, the government attaches tremendous importance to revamping of the electric power sector through structural reforms including good corporate governance and strengthening of the regulatory system", he said.

He was talking to visiting US energy team led by Special Envoy and Coordinator for International Energy Affairs, Ambassador Carlos Pascual who called on him here.

This visit is the continuation of the Pak-US strategic dialogue on energy, which was started in 2009 when the US Secretary of State Hillary Clinton announced the energy programme in October, 2009.

The US delegation had wide ranging talks on cooperation between Pakistan and United States.

Dr. Hafeez Shaikh while talking the US team emphasized, on the technical support and shared understanding with US for the resolution of technical issues Pakistan is facing in the energy sector.

"Financial support is an important aspect of the shared understanding for the implementation of certain power projects we have started here in Pakistan and Pakistan's narrative in terms of finance be fully articulated there in US", the Minister added.

He highlighted a number of areas when there is a capacity for American investment particularly in the Hydro Power, exploitation of coal reserves in Pakistan, and LNG Projects adding "we are focusing certain new areas also which would help us in our resolve to end load shedding".

The Minister also highlighted that structural reforms process by the Cabinet Committees on Restructuring and Privatization of Public Sector Enterprises who are striving hard to bring the change in a sudden and transparent manner and in this account he mentioned the reconstitution of the Board of Directors of the state power generation and distribution companies bringing corporate oriented personal in to them selected on open merit from the open market. "Our this endeavor has started bearing fruits but lot more has to be done in this direction", he added.

During the talks the visiting team leader Carlos Pauscal emphasized that the US was fully committed to work with Pakistan in the changing political and economic landscape.

He said that Pakistan had done a commendable job in economic reforms.

He stressed Pakistan for indicating strategically targeted projects where the US can come up with technical and financial support, and in this connection he also emphasized that ways and procedural matters be fully discussed as there was an investment involved of millions of dollars in it. (APP)