ISLAMABAD:The Overseas Investors Chamber of Commerce and Industry (OICCI) has commended Prime Minister Shehbaz Sharif and his finance team for timely leadership and initiative in securing the IMF’s Standby Agreement (SBA) of $ 3 billion for next nine months to ensuring that the economy was not subjected to additional shocks.
“Together with the International Monetary Fund’s (IMF) rapid lending of $1.2 billion, the friendly countries have also helped uplift the foreign exchange reserves, thereby providing a significant step towards economic stability and progress,” OICCI President Amir Paracha said in a statement on Monday.
He said this sentiment was reflected in the developments at the Pakistan Stock Exchange, currency market and the business environment in general.
The OICCI president also appreciated the upgraded Pakistan’s long term foreign currency Issuer Default Rating (IDR) to ‘CCC’ from ‘CCC-’ by the Fitch Rating agency. Pakistan Bonds in the international market had also rallied post the announcement, he added.
OICCI President underlined the need to introduce reforms in all the key state institutions.
Amir Paracha added, “Pakistan is attracting insignificant FDI well below its potential, whereas OICCI members continue to add substantial investment in Pakistan and over the past ten years have invested over $ 22 Billion in expanding their footprint in Pakistan. OICCI members will continue to be a sincere long-term partner by positively supporting the government in realizing the economic and investment potential of the country.”
The OICCI is the collective voice of major foreign investors in Pakistan. The over 200 OICCI members, from 31 different countries, have a presence in 14 sectors of the economy and contribute around one-third of Pakistan’s total tax revenue, besides facilitating transfer of technology and skills and providing employment to a sizeable number of people.
About one-fourth of OICCI member companies are listed on the Pakistan Stock Exchange and many members are associates of the Global Fortune 500 companies. Besides their business operations the OICCI members realize their corporate social responsibilities and are major contributors to various CSR activities benefitting 46 million persons from underprivileged communities.