By Jawad Ahmed ISLAMABAD, March 2 (INP-WealthPK): A well-developed infrastructure is essential for robust economic growth as it ensures easy availability of raw material, increases productivity, enables connectivity and helps create jobs. A country's economic success is primarily reliant on infrastructure development, be it in energy, telecommunications, water and sanitation, transportation or education sectors. According to the International Monetary Fund (IMF), Pakistan has the world's fifth-largest population with around 220 million people, and this figure is predicted to rise to 245 million by 2030. The country's rapidly growing population and urbanisation put emphasis on making investments in high quality infrastructure in order to increase economic activity, create employment opportunities, reduce income inequality and achieve Sustainable Development Goals (SDGs). Pakistan is striving to build a more efficient infrastructure to bring it on a par with other regional countries. According to IMF, in order to fulfil the SDGs, Pakistan needs to spend around 16% of its GDP annually until 2030 on various infrastructure projects such as health, education, water and sanitation, energy and transportation. This can only be accomplished through public-private partnership. Pakistan has made progress in some areas with a view to achieving SDGs as development of robust infrastructure is the primary objective of the government’s Vision 2025. For this purpose, the government is investing significant amounts in building highways, executing power projects and putting in place efficient transportation systems. According to forecasts of Global Economic Infrastructure Outlook-Oxford Economics, Pakistan would suffer a $124 billion infrastructure development shortage between 2016 and 2040, approximately $5 billion per annum. This deficit is more than Pakistan's entire outstanding external debt. However, different international organisations like the World Bank, Asian Development Bank (ADB) and Gulf Council of Countries are providing the much-needed financial help for improving infrastructure in Pakistan. Chinese investment under the Belt and Road Initiative (BRI) in transportation and energy sectors is also contributing to a well-functioning and modern infrastructure in the country. It is pertinent to mention here that the ADB has recently inked an agreement with the Ministry of Economic Affairs to provide $1.54 billion for projects in energy, transportation and irrigation sectors. Further, under the China-Pakistan Economic Corridor, Beijing has made a massive over $60 billion investment in developing energy and other infrastructure projects in Pakistan. According to Green BRI Centre of the International Institute of Green Finance (IIGF), Pakistan was the country, which received the most transport and energy investments from 2013 to 2020 from China. Undoubtedly, the CPEC project not only provided China with safe and easy access to the Arabian Sea, but it has also increased road and energy efficiency in Pakistan. However, Pakistan’s economic progress is often hampered by mounting debt, a failure to expand the export base, balance of payments issue and low GDP. Moreover, debt-based projects are putting pressure on the country’s financial condition. In order to rid itself of the debt-based projects, Pakistan has to have a robust Public-Private Partnership (PPP) mechanism for sustainable economic development. Private sector investments in public sector projects provide extra benefits in terms of job creation and reduction of the government's financial burden. To fulfil the demands of an expanding population and accomplish the SDGs, the government should promote private sector engagement in public sector projects.