Summary President FPCCI says IMF conditions will have devastating impact on Pak economy.
ISLAMABAD (Online) - Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said that conditions of International Monetary Fund (IMF) have delivered a deadly blow to the shaky economy and social equality of Pakistan.
On Sunday, President FPCCI Zubair Ahmed Malik said that IMF conditions are of little economic benefit but has a devastating impact on families, communities, economies and currencies.
Speaking to business community, he said, “Implementation of IMF policies has triggered unemployment, compromised working conditions and amplified social inequality globally while Pakistan is no exception”.
The FPCCI chief said that economic managers and central bankers should not blindly follow IMF ideology and accept no directive without economic evidence.
Zubair Ahmed said that higher policy rates have no connection with stronger currencies or investors’ and it makes no sense to accept rescues that are insensitive to the needs of the poor.
IMF s performance in managing the crisis has exposed its agenda of economic meltdown and massive social unrest as it is only focused on the conditions and always imposes policy with little or no consultation with affected countries.
