LAHORE - Pakistan has so far received over $100 billion in loans and grants which has compounded miseries of the masses therefore time has come to set aside the recipe of IMF and other multilaterals and opt for home grown solutions.

This was stated by Pakistan Industrial and Traders Associations Front (PIAF) acting chairman Tanveer Ahmed Sufi and vice chairman Khawaja Shahzeb Akram while talking with a group of businessmen at Quaid-e-Azam Industrial Estate on Saturday.

They said that three percent increase in the GDP is imperative to ensure the survival of the country facing internal and external challenges. They said that population in the job market is increasing by three percent per annum which can be accommodated only if growth rate is at 7.5 percent, they said.

Tanveer Sufi said that the economic situation is not as good as it is told for the last few years while international lenders have predicted that it will be improved gradually in the next five years provided projects with Iran and China are completed in stipulated time and law and orders situation being normal.

Acting chairman said that country is to face issues of poverty, food security, unemployment, brain drain, internal security and external threats if revolutionary steps are not taken. Only a good ratio of GDP growth can give government necessary space to invest in infrastructure, human capital, health and education, he added.

He said that Pakistan’s economy was so stable at a time that it provided loans to US, Japan and Germany but after getting foreign loans things changed and became worse.