Lahore: Economy is inching towards point of no return due to disturbing interference of International Monetary Fund (IMF) in the Pakistani economy therefore people sitting on the helm of affairs must revisit economic policies.
“I had identified 25 sectors to overcome trade deficit. I am working day in and day out to help jack-up exports and curtail imports”, the LCCI President Malik Tahir Javaid said.
He said that industry is the main victim of deepening economic crisis. Rupee devaluation is adding to the economic miseries of the country and all these ills produced just because of awful interference of IMF in the Pakistan’s economic matters and dictations to the policy makers for taking harsh measures.
The LCCI president said that Pakistan is the “most frequent customer” of IMF and Pakistani governments often depended on borrowing from IMF and accepted stringent conditions despite the fact that this institution is merciless money lender which always forced Pakistan to adopt bad policies like rupee devaluation, massive increases in the electricity and gas prices.
“How a country can take independent decisions and grow its economy when it is carrying the burden of over 85 billions dollars debs and utilizing huge part of the federal budget for debt servicing”, the LCCI President questioned.
He said that Pakistan would be loser in many heads if immediate measures are not taken to get rid of the massive loans which are the mother of most of the economic ills. He said that though it is a tough but not impossible task as if Turkey can do it than why we cannot.
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