Karachi: Business community of Pakistan has welcomed the approval of the $3 billion Stand-By agreement as they believe it will end the prolonged economic uncertainty period. Irfan Iqbal Sheikh, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), said that the IMF programme became necessary because it will pave way for bilateral, multilateral and international funding. However, he urged the government to take the business community on board regarding commitments with IMF, implications of macroeconomic policy and the way forward for a stable economy.
Similarly, Faraz-ur-Rehman – President Korangi Association of Trade and Industry believed that this is the right time to improve the economy by taking concrete measures and expanding tax reforms. He added that higher income chances can be created by supporting the export industry. Faraz said that the IMF agreement would enhance the fiscal capacity of the government and bring economic stability.
Muhammad Azfar Ahsan, Former Minister of State and Chairman Board of Investment, that Pakistan is in need of foreign direct investment (FDI). He said that political governments, bureaucracy, and the military, should collaborate to facilitate investors. Azfar pointed out that political stability is also a key factor as a discontinuity in leadership roles kills progress.