KARACHI: Chairman of National Business Group Pakistan, and President Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain said that monsoon and flood season has started in the region, and India has released water to Pakistan as usual, while last year Pakistan suffered a loss of 30 billion dollars due to massive floods.
He regretted that the implementation of aid pledges by the international community for Pakistan to deal with the flood damage last year will also be relatively easy after the IMF programme.
He further said that if the quarterly review of the current programme is successfully completed, it will be possible to take the next instalment from the IMF, without which it is impossible to run the country.
He further said that the current government and incoming caretaker governments should take advantage of this opportunity to start the implementation of fundamental reforms; otherwise, we will have to pay a heavy price for inaction.
He said that the approval of the loan by the IMF and the issuance of the first tranche of 1.2 billion dollars have proved a respite for the public and businessmen.
The decision of the lender will ease the ongoing uncertainty and stop hoarding of dollars which will stabilise the economy, increase the value of the rupee and improve the confidence of investors, he said.
Mian Zahid said that the hike in prices of petroleum products, electricity, and gas as a result of the IMF agreement will increase the cost of doing business, but it is better than bankruptcy, so we support it.
He said that Pakistan has to repay loans of about 25 billion dollars every year for the next three years, for which it is very important for Pakistan to get more loans. After the agreement with the IMF, Pakistan will be able to get more cheap loans from other international institutions, he said.
Copyright Business Recorder, 2023