KARACHI - The trade and industry has expressed its dismay over the outcome of Pakistans negotiations with International Monetary Fund (IMF) and World Bank and termed it extremely hopeless. The Patron-in-Chief Korangi Association of Trade and Industry (KATI), Chairman Razzak Hashim Paracha, Vice Chairmen, Najmul Arfeen and Amjadullah Khan, along with former chairmen, Mian Zahid Husain, Masood Naqi, Farhanur Rehman and Zubair Chhaya said that this is not the time to further burden the nation with another loan as Pakistan is not in a apposition to pay off huge loans already piled up due to historys biggest natural catastrophe which has not only displaced over 25 million people but incurred monetary losses to the tune of billion of dollars. Pakistan needs grants and moratorium on precious loans as the exchequer is not in position to pay off huge loans crossed to over $54b over the years, Paracha said. He demanded the government to categorically express its inability to pay the debts in such a condition and all or partial loans should be written off. The industry leaders said that the government should convey its decision to the world that Pakistan is in dire straits and rehabilitation of the IDPs and cover the losses of destroyed crops will take months if not years and the national exchequer can not afford huge debt servicing. He said that Pakistani nation is not in a position to pay already imposed taxes and if government levies any other tax the whole system would be collapsed. The loans acquired or given to the previous govts by persuasion were not spent on development or in national interest but mostly usurped by the corrupt rulers. This was happened due to absence of any monitoring by the donors and thus nation is not liable to pay these loans, Paracha said. President Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Husain said that negotiation between Pakistan and donors agencies can no way be termed successful as the Pakistani team is back with another huge burden of so-called aid. He said that country would not be able to bear any additional burden of taxes and the simplest and easiest way to come out of this mammoth crisis is to seek writing off loans from the donors.