Former President of the Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt said on Thursday that the government deserves compliments for the success of the IMF review and the staff-level agreement. Despite strong criticism, the government did not take the path of cheap fame but took the tough decisions that were necessary to save the country, he said. In a statement issued here, Shahid Rasheed Butt said that after the approval of the IMF’s executive board, Pakistan will get seven hundred million dollars, which will stabilize the value of the rupee and increase the confidence of investors.

After receiving the second tranche of a short-term loan of three billion dollars from the IMF, the total amount received so far by Pakistan will be almost 1.9 billion dollars, he added. He said that Pakistan has achieved most of the IMF targets, but the exchange rate and other issues remain unresolved, which will be hammered out soon. The IMF has also said that in the context of the global situation, the prices of food items, etc., may increase while it may be difficult to take loans; therefore, Pakistan should take steps to improve resilience and stabilize its economic foundations, he informed.

The business leader said that proper implementation of the federal budget has brought continuity in policies. At the same time, timely adjustments in electricity and gas prices have helped the government improve its fiscal situation. Now the pressure on the exchange market is easing, which will provide relief to the masses, he said, adding that Pakistan has promised to create job opportunities through investment, improve social assistance programs, and try to ease inflation.

Shahid Rashid Butt said that the financial condition of the country is improving due to an increase in the price of oil, gas, and electricity and a reduction in expenditure. In contrast, taxation on retailers and the property sector will further improve matters. The government and IMF have also agreed to reduce the electricity price and cut the circular debt in the electricity and gas sectors, which is now 4 percent of the GDP and has become a significant threat to the people and the economy. A number of issues have also been agreed upon, including transparency in the foreign exchange market and anti-corruption measures.

 
Credit: Independent News Pakistan (INP)