ISLAMABAD: The United Business Group (UBG) of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Friday said the latest International Monetary Fund (IMF) review proves economic attainment of the government as the finance minister and his team has paved way for development thwarting any chance of default.
Pakistan was facing serious balance of payments crisis in 2013 which has been buried forever paving way for microeconomic stability and economic success, it said.
Chairman of the UBG Iftikhar Ali Malik in a statement that microeconomic stability had been achieved and now government should consider increasing the pace of reforms.
He said that situation of debt servicing is satisfactory and the remaining structural weaknesses should be settled at earliest.
Iftikhar Ali Malik said that government should push the sale of bleeding state-run enterprises which continue to waste over Rs 500 billion per annum that results in budget deficit.
The veteran business leader said that sale of PIA should be a priority while reforms and privatization of power sector should top the priority list, adding that it will reduce dependence on domestic and foreign loans.
Budget deficit has been reduced to 5.37 percent, foreign exchange reserves at record level, mega projects and underway, investment climate and law and order situation is improving while the Chinese investment is changing the map of Pakistan, he said.
The GDP has grown by 4.24 percent while leading international publications and rating agencies have acknowledged Pakistan's outstanding economic performance for which credit goes to incombent government.
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