Summary The ICCI has shown reservation upon the statement of IMF Mission’s Chief on economy of Pakistan.
ISLAMABAD: Islamabad Chamber of Commerce & Industry (ICCI) shows serious reservation upon the statement of IMF Mission Chief that the bank would not write off or reschedule Pakistan’s loan.
ICCI President Zafar Bakhtawari said that Pakistan has already sacrificed more than 50,000 precious lives during war on terror. He said that IMF should reciprocate to the contributions of Pakistan and must adopt positive approach towards Pakistan.
He said that business and industry could not face another round of monetary tightening and currency devaluation as the economy of the country needs further support for revival.
ICCI President cautioned that if on the pressure of IMF, markup rates is soared; new taxes are imposed and currency is devalued, it would cause serious problems for economy of the country.
He said that IMF rescue packages might not prove beneficial for the country in the long term as it always impose rigid and harsh conditions that would further slowdown the economic growth of Pakistan.
He said that soaring of loans had put a great pressure on the economy and stressed that Government should avoid taking further loans and build its own capacity to generate revenues by taking positive measures and initiating growth oriented projects.
Mr.Bakhtawari said that instead of seeking IMF support, Government should find a permanent solution to the country s economic woes by practicing the policies of good governess, reducing non-development expenditures and investing in development projects which provide a platform for jobs creation and ultimately accelerate the pace of economic growth.
He further said that it was the high time for economic managers to develop a comprehensive development plan for the country without external budgetary support.
