IMF deal a good opportunity for economic revival: PIBC chief
Karachi: Pakistan Indonesia Business Council (PIBC) Chairman Abid Nisar has hailed the agreement with the International Monetary Fund (IMF) as a crucial step for economic revival of Pakistan, praising the efforts of Prime Minister Muhammad Shahbaz Sharif and Finance Minister Ishaq Dar.
Abid Nisar, while also praising the significant role by Chief of Army Staff General Asim Munir in saving Pakistan from default, saying that the Staff-Level Agreement with the IMF will prove crucial in getting out of worst economic crisis.
In a statement, Chairman PIBC, said the business community was very optimistic about this agreement and expects that the government, while utilizing the funds in the right direction, will focus on bringing the country out of economic crises and making it self-sufficient. Furthermore, government expenditures will also be gradually reduced, as this is now the only way to put the country on the path of progress.
He was of the view that with the agreement, there was a significant growth in the stock market, while the business situation is also expected to improve in the coming times.
Abid Nisar stated that Pakistan's progress is contingent upon the growth of business and industry, as well as the happiness of the people. Therefore, it is imperative for the government to take necessary actions that promote business and industrial activities, allowing people to attain dignified employment opportunities.
“Pakistan's progress is contingent upon the growth of business and industry, as well as the prosperity of the people. Therefore, it is imperative for the government to take necessary actions that promote business and industrial activities, allowing people to attain dignified employment opportunities.”
However, Abid also requested the government to reduce electricity and gas tariffs and bring down the policy rate so that businesses and industries can run smoothly and the private sector can overcome the liquidity crunch.
Copyright Business Recorder, 2023
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