LAHORE: The local business community has lauded the International Monetary Fund’s (IMF) confidence over the economic policies of the present government, which will help increase foreign investment into the country.
Lahore Chamber of Commerce and Industry (LCCI) Senior Vice President Mian Noman Kabeer, former SVP Sheikh Muhammad Arshad, PIAF Chairman Irfan Iqbal Sheikh and Punjab Board of Investment and Trade (PBIT) Chairman Abdul Basit said this while talking to state-owned news agency.
They also termed the approval of $520 million tranche by the IMF Mission as the outcome of the efforts of Federal Finance Minister Ishaq Dar, quoting the IMF mission’s remarks that Pakistan’s economic indicators were improving.
The industrialists and businessmen hoped that country’s GDP growth rate would scale up to 4.5 percent during current fiscal year following stability in economy; cut in oil prices; improvement in generation and provision of energy to the industry and investment under the China-Pakistan Economic Corridor (CPEC) project.
They mentioned that dearness ratio reduced by 1.8 percent last month, while foreign trade deficit went down by 0.8 percent against the GDP due to reasonable oil prices and improved foreign exchange rates in FY 2014-15. The foreign reserves of State Bank of Pakistan are also showing an upward trend, they said and asserted that country’s economic health is recovering fast because of well-conceived and viable policies of the government.
The industry and business leaders urged the government to ensure implementation on the IMF Review Mission’s report that called for expediting reform process in energy sector; increasing tax collection; improving tax to GDP ratio and privatization of institutions incurring billions of rupees losses.
They said that Benazir Income Support Programme (BISP) is also moving in the right direction, as it is extending financial assistance effectively to the poor and neglected segments of society.
