ISLAMABAD - Islamabad Chamber of Commerce & Industry (ICCI) has expressed serious reservation upon the statement of IMF Mission chief that the Fund would not write off or reschedule Pakistan’s loan.
Zafar Bakhtawari, President ICCI, said that Pakistan has already sacrificed more than 50,000 precious lives for fighting 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 our economy needs further support for economic revival.
ICCI President cautioned that if on the pressure of IMF, soaring of markup rates, new taxes imposed and currency devalued, it would create serious problems for the business and the industry by further raising the cost of doing business and that phenomenon would prove detrimental for the economy.
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 our country. He said that soaring of loans, has put a great pressure on the economy and stressed that govt should avoid taking further loans and build its own capacity to generate revenues by taking positive measures and initiating growth oriented projects.
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.