The Lahore Chamber of Commerce and Industry Monday called for macroeconomic reforms and policy changes in consultation with stakeholders for a sustainable economic recovery. In a statement issued here after IMF decision that it will not write-off or reschedule Pakistan’s loan, the LCCI President Farooq Iftikhar, Senior Vice President Irfan Iqbal Sheikh and Vice President Mian Abuzar Shad said that the government would have to reorganise the power sector, restructure public sector businesses and reduce trade deficit to overcome economic woes. The LCCI office-bearers also stressed the need for a mechanism to ensure in letter and spirit implementation of economic policy decisions in the larger interests of the stakeholders. “Since gas and electricity shortage is mother of all economic ills, therefore, a focused attention to stop pilferage and allocate more revenues to overcome circular debt issue is needed. The power sector infrastructure should be upgraded as without doing so there will be little improvement even if major new generation facilities are built. The government-owned power generation companies should be technologically refurbished as it could close the demand-supply gap by 1500 MW.”
