Islamabad: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday hailed Prime Minister Imran Khan for securing Saudi package terming it a great success which will help settle many financial difficulties.
The businesses heave a sigh of relief, the stock market has positively responded to the development while the US dollar has also lost its value substantially due to the deal with no strings attached, it said.
The efforts of Prime Minister Imran Khan are creditable as it will bring the two countries closer at a time when rest of the world is keeping a distance from the Kingdom, said Ghazanfar Bilour, President of the FPCCI.
He said that Saudi Arabia will deposit three billion dollars in the State Bank of Pakistan and provide oil worth three billion dollars on deferred payments providing a great relief to Pakistan facing balance of payment trouble.
The Saudi package will reduce our dependence on IMF as we will not need $18 billion but $12 billion from the lender, he added.
PTI”s financial rescue strategy working well and the sweet Saudi rescue may help the country to avoid some of the IMF’s harsh conditions, he noted.
The president of the Apex chamber said that one of the reasons for Pakistan’s problems was rampant corruption but according to the latest report of World Economic Forum Pakistan has jumped from 140th number to 107th on the index which is good.
