Businessmen not happy with IMF Mission chief’s statement

Islamabad Chamber of Commerce & Industry (ICCI) shows serious reservation upon the statement of IMF Mission Chief that the bank would not write off or reschedule Pakistan’s loan.
ICCI President Zafar Bakhtawari said that Pakistan had already sacrificed more than 50,000 precious lives for fighting war on terror. He said that IMF should reciprocate to the contributions of Pakistan and must adopt positive approach towards Pakistan. He said that business and industry could not face another due to monetary tightening and currency devaluation as our economy needed further support for economic revival. ICCI President cautioned that if soaring of mark up rates occur, new taxes were imposed and the currency devalues on the pressure of IMF, it would create serious problems for the business and the industry by further raising the cost of doing business and that phenomenon would prove detrimental for the economy.
He said that IMF rescue packages might not prove beneficial for the country in the long term as the packages always come with rigid and harsh conditions that will further slowdown the economic growth of our country. He said that soaring of loans, had put a great pressure on the economy and stressed that Government should avoid taking further loans and build its own capacity to generate revenues by taking positive measures and initiating growth oriented projects.
Bakhtawari said that instead of seeking IMF support, Government should find a permanent solution to the country’s economic woes by practicing the policies of good governance, reducing non-development expenditures and investing in development projects which provide a platform for jobs creation and ultimately accelerate the pace of economic growth. He further said that it was the high time for economic managers to develop a comprehensive development plan for the country without external budgetary support.