Ahmed Hassan Moughal President, Rafat Farid Senior VicePresident and Iftikhar Anwar Sethi Vice President, Islamabad Chamber ofCommerce & Industry have expressed great concerns over the rising externaldebt and liabilities
ISLAMABAD (Pakistan Point News / Online - 20th May, 2019) Ahmed Hassan Moughal President, Rafat Farid Senior VicePresident and Iftikhar Anwar Sethi Vice President, Islamabad Chamber ofCommerce & Industry have expressed great concerns over the rising externaldebt and liabilities of the country that have surpassed $105 billion by theend of March 2019 and called upon the government to take urgent measures tocope with this serious issue as rising foreign debts would further weakenour economy and increase poverty and unemployment in the country.
They saidthat for that successive governments burdened Pakistan with more debtinstead of making its economy stronger while the current government wasalso following the same path that would bring more troubles for businesssector and the common man.Ahmed Hassan Moughal said that with prudent policies and better economicmanagement, Turkey had got rid of IMF debts in May 2013, but it wasunfortunate that Pakistan was still depending on IMF for running itseconomy which was not a good sign for our posterity.
He said that businesscommunity and the Pakistani nation has always paid heavy price for IMFbailout packages as whenever Pakistan obtained loan from IMF, itsconditions translated into increase in the prices of electricity, gas andPOL products along with tight monetary policy. These measures alwaysbrought great inflation to the common man and increased cost of doingbusiness in the country.
