KARACHI: The Chairman of National Business Group Pakistan, President of Pakistan Businessmen and Intellectuals Forum, President of All Karachi Industrial Alliance, and Chairman of the FPCCI Advisory Board Mian Zahid Hussain said that the government will have to deal with the IMF and GSP Plus reviews in the next few months.
He said the IMF review is necessary for the country’s economy, while the EU review is necessary to save exports.
Mian Zahid said that the IMF mission, which will review the overall economic situation and the implementation of its conditions, is expected by the end of this month or early next month. He said that IMF experts will likely have reservations about the failure to achieve privatization and tax targets. Still, Pakistan will get a $1 billion tranche after some assurances.
He said that the IMF would likely emphasise economic stability while discouraging rapid economic growth because it has resulted in a crisis whenever such an attempt has been made.
He said that after the IMF review, the second big challenge will be the European Union’s review of the GSP Plus facility, which has troubled industrialists.
Pakistan received this facility in 2014, after which exports increased by more than 100 percent. In 2023, this facility was extended until 2027. However, some time ago, the European Union announced its review.
He observed that in the event of a negative review by the European Union delegation, the textile sector would be in crisis, and its investments would be at risk.
Copyright Business Recorder, 2025
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