Pakistan Industrial and Traders Associations Front (PIAF) has urged the government to avoid more loans from international donors, and focus on cutting non-productive expenditures and creating more resources to achieve economic stability.
PIAF Chairman Irfan Qaiser Sheikh said, "No country in the world could achieve economic viability through crutches like loans from donors, because such financial assistance brings with it tough conditionalities, which generally create troubles for the masses."
He said the country was already facing a burden of foreign loans worth over 50 billion dollars, and more loans to bridge the budget deficit would put an extra burden on the country.
Irfan Sheikh said, "Exports play an important role in the economic well being of a country but surprisingly no measures to facilitate exporters were taken in the federal budget 2009-10, instead withholding tax on imports has been raised by two per cent that will encourage corruption and smuggling."
He said the attention of relevant government departments was repeatedly drawn towards the issues being faced by both trade and industry, but stakeholders were not consulted during the budget making process. Irfan Sheikh said though some measures had been announced in the budget regarding refund claims, the same needed to be implemented in letter and spirit.
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