MULTAN:Multan Chamber of Commerce and Industry (MCCI) on Monday welcomed the US$3 billion International Monetary Fund (IMF) deal Pakistan secured recently and suggested a 15 years long economic policy under a Charter of Economy that should be carved out with political consensus among all to reinstall national economy on a sound footing.
MCCI’s acting president Nadeem Ahmad Sheikh, VP Asim Saeed Sheikh, former president Khawaja Muhammad Hussain and executive member Ehtasham Ul Haq told media persons that the nine-month standby loan agreement is expected to strengthen Rupee value against US dollar, hopefully by 10 per cent, and accelerate economic activities.
The business and industry leaders from south Punjab hailed Prime Minister Shahbaz Sharif, Finance Minister Ishaq Dar and national institutions for the achievement which they believed not only averted default threat but also provided breathing space to the government to introduce and enforce much needed economic reforms to guide economy to stability and onward to a sustainable development trajectory.
Nadeem Sheikh said that the agreement with IMF would restore investors’ confidence adding that the import consignments stucked up at ports would also witness clearance to open up economic activity that had slowed down due to economic troubles.
“It is time for all political parties, business and industry leaders and national institutions to sit together and come up with a Charter of Economy that should not be changed or stopped by change in government,” Nadeem Sheikh said.
Vice president MCCI Asim Saeed Sheikh said that the IMF deal would also improve the confidence of other countries and hoped Pakistan could bring another US$12-15 billion home by virtue of the development.
Former MCCI president Khawaja Muhammad Hussain said that MCCI would prepare proposals for Charter of Economy in consultation with all the chambers of south Punjab and would send it to the government through Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
He urged the government to help the industry stand on its feet which he believed would help check dollar hoarding and black marketing.
Ehtasham ul Haq said that it was heartening to note that the government and institutions were working hard to bail out the national economy from crisis and called for a flawless strategy to ensure people are not burdened with price hike and the country no more needed another IMF programme.