FPCCI Expresses Reservations on IMF funding

KARACHI: President, Federation of Pakistan Chamber of Commerce and Industry, Tanvir Ahmed Sheikh has expressed his concern over IMF's possible involvement in Pakistan's economy and feared negative effects on it.

In a press statement, the FPCCI Chief said the agreement which Government of Pakistan was going to make with IMF, will be for the third time between Pakistan and IMF.

He said FPCCI was not consulted during the last two agreements made with IMF and that these left bad effects on trade and economy of the country.

The IMF policy stresses on demand management, withdrawal of subsidies, increase rate on indirect taxes and high cost of financing which has overall adverse effects on Pakistan's Economy which are near to halt at present, he maintained.

Sheikh said Government should negotiate and identify the sources of revenue generation, and as to how they will manage to pay back these huge IMF loans without offering industrial competitiveness.





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