ISLAMABAD- Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Tuesday said after one and half months of negotiations agreement has been reached with IMF but Pakistan will not get any immediate relief unless all preconditions are met.
After approval of the agreement by the IMF board, Pakistan will receive1.06 billion which will stabilize foreign exchange reserves, stop the fall of the rupee, reduce pressure on the current account and tackle market volatility, he said.
Shahid Rasheed Butt said that masses are not responsible for the situation but they will pay the price in the shape of high inflation and unemployment.
He said that despite repeated warnings, the government sacrificed the economy through wrong policies to win the 2023 elections which is cruel but none of the policymakers will ever admit his mistake.
He said that fulfilling the conditions of the IMF would make everything more expensive and the problems of the people who have been in trouble for the last three years would be aggravated.
Now the circular debt is also increasing rapidly. When the present government came to power, the infamous debt was increasing by Rs30 billion per month, which was reduced to Rs.12 billion.
Among other measures to reduce the circular debt, the action was taken against many power thieves, industrialists, and government officials who collaborated with them, but the campaign was soon stopped for political gains.
The move went down well with corrupt officials and dishonest businessmen while those trying to improve the situation were shown the door and now the whole burden is being shifted on the masses who have nothing to do with all this.
