IMF Endorsement Reflects Nawaz Govt's Economic Achievements At Global Level: Experts

PESHAWAR, Nov 4 (UrduPoint / Pakistan Point News - 04th Nov, 2016 ) : Senior economists and politicians here Friday said Pakistan has achieved immense economic success during past three and half years and termed IMF Managing Director's endorsement a testimony to the fact that the country has achieved macroeconomic stability and strengthen economic resilience.

Faud Ishaq, former President Khyber Pakthunkhwa Chamber of Commerce and Industry (KPCCI) said the prudent economic reforms initiated by PMLN government after coming into power helped restore macroeconomic stability and strengthen economic resilience appreciated at national and international level.

He said IMF Managing Director Christine Lagarde has endorsed and appreciated the economic reforms and achievements of Nawaz Sharif Government for which the credit also goes to Finance Minister Ishaq Dar and his team.

Christine Lagarde in a letter had congratulated Prime Minister Nawaz Sharif on the completion of country's IMF-supported economic reform program, which helped restore macroeconomic stability and strengthen economy's resilience of Pakistan.

Faud Ishaq said IMF MD's endorsement has reflected that Pakistan economy was moving on right track and made significant economic headway under the incumbent elected government of Prime Minister Nawaz Sharif.

He said the government has laid a strong foundation for economic growth and sustained development and if the present economic policies remain continued Pakistan would soon achieve the status of a developed country.

"Pakistan was feared to be declared bankrupt in 2013, but the PMLN government under the leadership of Finance Minister Ishaq Dar took bold monetary and economic decisions by not only removing the imminent threat of bankruptcy but also made Pak rupee against US Dollar stable.

He said there was significant increase in foreign reserves and inflation was down considerably compared to the situation in early 2013 while the GDP growth was also very encouraging. Dr Yousaf Sarwar, former President KPCCI said economic stability in the country was a strong stimulus for foreign investment, adding our government has restored confidence of foreign investors and CPEC was a prime example of it.

He said huge foreign investment especially in infrastructure, energy and setting up of special economic zones would bring economic and industrial revolution in Pakistan besides bringing less developed areas of Balochistan and Khyber Pakthunkhwa at par with developed regions of the country.

Dr Yousaf said CPEC would not only promote infant industries but also generate jobs opportunities for youth. He said energy shortfall was the major problem affecting the economic growth of industrial units and if PMLN government succeeded in addressing this grave problem Pakistan would become an Asian tiger.

Dr Yousaf said Pakistan was now on the path of increased economic growth and prosperity and country's economic outlook has become stable and suggested special policies for increasing country's exports especially with middle East and central Asian states.

PMLN Parliamentary leader in KP Assembly Sardar Aurganzaib Nalota said praising of government economic policies by IMF Managing Director was a great honor for Prime Minister Muhammad Nawaz Sharif and Finance Minister Ishaq Dar.

He said PMLN government strongly believed in liberal, competitive and private sector-driven economy to ensure ideal business environment for the private sector as governments were not suppose to do business but to facilitate and encourage private sector.

"When private sector is adequately facilitated, business benefits reach to people. When governments start doing businesses huge losses in the shape of subsidies are incurred," he added. He said PMLN government was making all-out efforts to bring improvements in every sector of the economy, including development of mega-hydropower projects, rail and road infrastructure, education and health sector to improve the socio economic condition of people and downtrodden.

He said the opposition feared that if PMLN Government completed its constitutional tenure, their politics would come to an end by 2018. Nalota said people of Khyber Pakthunkhwa were fed up with agitation politics and will reject politics of negativity in 2018 general elections. APP/fam/vak/rn