KARACHI: Korangi Association of Trade and Industry (KATI) President Faraz-ur-Rehman has said that positive news regarding the IMF agreement is welcome for the economy. The IMF agreement is expected soon after friendly countries assured Pakistan of financial assistance.
Addressing the Iftar dinner, he said that Pakistan has implemented all the conditions of the IMF, and now there is no justification for delaying the agreement. Faraz-ur-Rehman said that after the agreement with the IMF, the ongoing economic crisis in the country will end and economic stability will prevail soon.
He said that due to the uncertainty in the IMF agreement, the stock market and dollar prices were subject to fluctuations due to which there was severe pressure in the market.
Meanwhile, in the outlook report of the World Bank, another 3.9 million people went below the poverty level.
President KATI said that there is a storm of inflation in the country, and it seems very difficult for the government to complete the financial targets this year. While a huge amount of instalments of loans are also due this year, in such a situation the government has to formulate a strategy with full planning.
He said that if the government consults the stakeholders in this regard, all the business communities including KATI can not only give suggestions to deal with the economic crisis, but with the government’s cooperation the crisis can be successfully ended.
Governor Sindh Kamran Khan Tessori, Provincial Minister Saeed Ghani, Special Assistant to Chief Minister Sindh Faraz Abid Lakhani, Vice President KATI Muslim Mohammadi, former President Danish Khan, Athar Iqbal, Fazal Dadabhai and other diplomats were present.
Copyright Business Recorder, 2023