KARACHI – The business community on Friday welcomed the approval of six billion dollar package by IMF executive board terming it an accomplishment of the economic team of the government.
The approval will not only improve the standing of Pakistan in the international community but will also lead to more loans worth $38 billion by other international lending institutions to overcome problems, said Shahid Rasheed Butt, former President ICCI.
Proper use of the inflows will be more important than securing a loan as it is the thirteenth time Pakistan is getting a loan from IMF since 1988 most of which were misused in the past.
Shahid Rasheed Butt said the country has entered into a new phase of slow growth and high inflation which is an outcome of stabilization policies but it was necessary to manage the economy.
He demanded of the government to curtail expenditures and tackle this issue of bleeding public sector companies inflicting an annual loss of Rs1500 billion.
He said amnesty scheme was a success and an action against benami properties, the first in the history of the country, has sent a very positive signal.
Action against benami properties and hidden assets will discourage corruption which will improve Pakistan’s image and pave way for national development.
He noted that amnesty scheme, action against corrupt and other unpopular measures are part of the government’s plan to make Pakistan and prosperous country in the long run.
The business leader said that runaway inflation has taken a toll on the masses, therefore, the government should take more steps to help masses face it.
