ISLAMABAD:President Islamabad Chamber of Commerce and Industry (ICCI) Ahsan Zafar Bakhtawari on Monday said that the International Monitory Fund (IMF) agreement is a positive development for Pakistan in a very difficult political, economic and international diplomatic environment.
This success is possible due to the efforts of Prime Minister Shehbaz Sharif, Finance Minister Ishaq Dar and their team, he said.
In a statement issued by ICCI here, he said this agreement will prove beneficial for the struggling Pakistani economy.
He said that now is the time for the government to formulate a long-term economic policy together with the political leadership and stakeholders so that Pakistan can stand on its own feet permanently.
He said the current short-term agreement with the IMF gives Pakistan an opportunity for sustainable economic reforms.
Ahsan said that the government has made the current agreement possible after a year-long discussion with the International Monetary Fund.
President ICCI said this agreement was indispensable to gain the trust of other international financial institutions and friendly countries.
He added Pakistan had to face political and economic situations at the local level and difficult diplomacy at the global level to reach this agreement, which was indicated by the Federal Finance Minister in his statement.
He said that this is the right time to take measures like transparent and fast-track privatization of loss-making government-controlled enterprises, planning to increase tax net, increase exports and decrease imports. After the current agreement with the IMF some steps should be taken immediately.
There is a need to focus on the promotion of regional trade, especially with ECO countries Turkey, Iran and Central Asian countries.
President ICCI said that apart from this, special attention should be given to improving trade relations with African countries, ASEAN region and D8 countries and launching direct flights.
He said that Pakistan has gone to international institutions many times in the past for obtaining loans, but due to the lack of reforms at a better basic level, no program could benefit.
He said that “we can deal with the challenges of rapid population growth, water problems and climate change only when the country stands on its feet economically.
Ahsan said that Pakistan’s business community should be made part of the reform program. Focus should be on the development of SMEs, a sustainable policy should be brought forward for the promotion of small businesses, he said.
President ICCI said that all political parties and stakeholders including the government should pledge that this IMF program will be the last for Pakistan.