LAHORE - While applauding the governments approach to study future plan without IMF, Tariq Sayeed, the former President of FPCCI, has termed it a wise decision, which would lead to self-reliance and self-respect of the country. He was responding to the Governments opinion to wind up the Standby Arrangements (SBA) with IMF and regarded it positive approach, which would have long-standing positive impact on socio-economic demography of the country Reliance on national resources to face the challenges is a better strategy, which will have multiplier effects in shaping up the future of Pakistan added Mr Sayeed. He said that the Economic Manager at last has realised that dependence on conditional loans was not in the interest of country and approaching IMF was the mistake, which should not be repeated. Seeking loans for paying back installment of past loans was out of question argued Mr Sayeed stating that annual payment of external debts, meeting losses of National Airline and Railways, burden of unproductive and non-development charges and price of war against terrorism account for more than the envisaged revenue target of 1.65tr for the year 2010-2011. The criteria for SBA by IMF would be tougher in future for the Government and demand of IMF for introduction of a broad based reformed general Sales Tax and energy reforms would directly affect the industry and lead to mass inflation, reduce competitiveness of goods in both domestic and international market. Mr Sayeed feared that fiscal may touch 7% of GDP by the end of the fiscal year, which is alarming. He demanded of the Government of formulate economic policies based on national resources and involvement of masses in the economic activities of the country. God has gifted Pakistan fertile land, strong Agriculture and Live Stock, natural resources in form of minerals, precious stones, natural gas, plentiful water resources, manufacturing capacity to meet the domestic needs, we only need to manage our national and human resources in a productive manner and national spirit said Mr Sayeed and suggested the Government for shifting the priorities from import-based consumption to export-led growth and more dependence on own resources.