ICCI for focusing on indigenous resources to improve economy

ISLAMABAD:The Islamabad Chamber of Commerce and Industry (ICCI) Tuesday urged the government to focus on indigenous ways and means to improve economy, and reduce its heavy reliance on foreign debts which were creating balance of payment issues for the country.

ICCI President Ahmed Hassan Moughal, in a press statement here, called for conducting a thorough analysis of the impact of old International Monetary Fund’s (IMF) programmes on the national economy and the general masses before finalizing the new programme with it.

He said the IMF’s tough conditions, such as further increase in energy prices and more taxes, should not be acceded to as their implementation would raise cost of doing business, put lot of additional burden on the common man and lead to slump in business activities and economic growth.

Moughal said the IMF programmes had helped Pakistan maintain a semblance of macroeconomic stability for short periods, but, its engagement along with World Bank and other institutions had not helped Pakistan to break out of a low growth trap.

He said Pakistan’s relationship with the IMF had started in 1958 and since then the Fund had given 21 loans to Pakistan with a cumulative amount of over $13.7 billion so far, which had not made significant contribution to strengthen its country.