Federation of Pakistan Chamber of Commerceand Industry (FPCCI) and United Business Group (UBG), a largest allianceof chambers and traders Thursday said approval of $6 billion IMF bailoutpackage is good omen for Pakistan that would lead towards economicstability and help accelerate and foster growth
Islamabad (Pakistan Point News / Online - 04th July, 2019) Federation of Pakistan Chamber of Commerceand Industry (FPCCI) and United Business Group (UBG), a largest allianceof chambers and traders Thursday said approval of $6 billion IMF bailoutpackage is good omen for Pakistan that would lead towards economicstability and help accelerate and foster growth.FPCCI President Engineer Daroo Khan Achakzai and UBG Central ChairmanIftikhar Ali Malik jointly addressing the meeting of trader leaders herehoped that the current democratic regime would achieve the goal ofeconomic growth in the coming few years by following dynamic prudenteconomic policies.
They said the IMF programme will ensure higher foreigndirect investment, remittances and exports that will reduce Pakistan'sreliance on debt creating instruments.Daroo Khan said that Pakistan had no other way out instead of going toIMF and now the government had the opportunity to follow the propermechanism for economic growth. He further said that after success in IMFprogramme, the doors of other lending agencies including World Bank (WB),Asian Development Bank (ADP) and other financial institutions would beopened for Pakistan and more foreign exchange reserves would come to thecountry.
He said the IMF programme would provide an opportunity to bring structuralchanges to handle issues pertaining to loss-making state-owned enterprises,exports, and to enhance revenue.UBG Central Chairman Iftikhar Ali Malik said due to worst economicpolicies of previous regimes of PPP and PML N Pakistan had no other optionother than seeking bailout package and the threat of default in foreignpayment obligations which was imminent due to the crisis in the externalsector would now be averted.
