RAWALPINDI:Rawalpindi Chamber of Commerce and Industry (RCCI) has termed the Stand-By Arrangement (SBA) with International Monetary Fund (IMF) crucial for economic stability and welcome news for Pakistan’s ailing economy.
The yield will not only send a positive message to investors but the risk of default had also been averted, said RCCI President Saqib Rafiq in a statement.
He also applauds the PM office and Finance Ministry’s engagements with IMF and after their tireless efforts, Pakistan managed to secure an IMF deal.
Saqib Rafiq further remarked that the SBA of $3 billion will not only provide a breathing space in the recovery of Pakistan’s creditworthiness but also enable the resumption of dollar inflow from various bilateral and multilateral lenders.
He said that the business community hopes that the industry reforms introduced by the government in the budget would be implemented.
The framework for the development of five Es, Energy, E-Pakistan, environment, equity and empowerment would be shared with the business community and stakeholders will be taken on board, he added.
However, Chamber President urged the government to improve financial management and discipline.
Given preference to lesser-known and non-conventional sectors to increase exports, Saqib said and added that the Chamber had also submitted a nine-point economic plan to the Ministry of Finance and FBR in its budget proposals.