Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt has said that agreement with the International Monitory Fund (IMF) has mitigated the pressure on economy of the country ending the fear of becoming default. In a statement issued here on Thursday, he said that the process of painful reforms needs to be accelerated so that the economy can stabilise, and the people can get some relief. The news of the deal with the IMF has improved the confidence of disappointed business community, he added. Shahid Rasheed Butt said that the dollar has fallen sharply, gold has also become cheaper, inflation is decreasing, the value of Pakistani bonds has increased, while the activity in the stock exchange has started. He observed that despite all the positives, Pakistan has to repay up to $25 billion to creditors this year.

Credit : Independent News Pakistan-INP