PEW underscores need for implementing IMF ‘roadmap’ of reforms

ISLAMABAD: Dr Murtaza Mughal, President of Pakistan Economy Watch (PEW) said on Sunday that after efforts Pakistan got IMF’s nod which is the last chance to improve its damaged economy.

The IMF has also given a roadmap for economic recovery, which needs to be fully implemented, he said.

Violation of agreements with the IMF has never benefited Pakistan but has caused heavy losses, said Dr Murtaza Mughal, President of PEW.

In a statement issued here Sunday, he said that some political figures wasted more than a year in reaching an agreement with the IMF and despite their best efforts, they could not change the stance of the IMF.

During this time, the economy suffered heavy losses and the people suffered from inflation and unemployment.

Now the IMF board is likely to approve the loan by the middle of next month, but even before that, the confidence of the business community is returning, while Pakistan’s reputation in the international community and foreign investors is improving.

Dr. Mughal said that now Pakistan will be able to get more loans from the World Bank, Asian Development Bank, Saudi Arabia, United Arab Emirates and China, to return old loans.

He said that Prime Minister Shahbaz Sharif spoke to the head of the IMF three times over the phone and met her thrice, due to which the loan was approved.

All credit of saving the country from bankruptcy goes to the PM Shehbaz Sharif, but the responsibility of the government is not over yet, it has a lot to do to fix the broken economy, he said.

He said that maintaining this agreement at all costs is very important for the future of Pakistan.