Chief of SAARC chamber appeals to IMF to revive programme immediately

LAHORE: Along with the government, the leadership of the private sector has also come to the fore regarding the IMF programme. South Asia’s biggest leader and president SAARC Chamber of Commerce and Industry.

Iftikhar Ali Malik, the founder of the Pakistan-US Business Council, has made a special appeal to the IMF, saying that the industrial sector of Pakistan is suffering from a lot of problems and we need to protect our private sector from problems and disruptions in its performance.

Iftikhar Ali Malik said that in September 2002 he visited Washington, DC (USA), along with Pakistan Prime Minister Shaukat Aziz. During this I founded the Pak-US Business Council. Madam Sperenza Gomez Jalelyn Pak has been appointed as the Executive Director of the US Business Council for Asia. Thus, the stage of practical steps for strong and integrated trade relations between Pakistan and America was set.

On the other hand, I think that the private sector of Pakistan is playing its role with great responsibility. I remember that when Senator Hillary Clinton visited Pakistan, I represented the private sector while meeting with her. She emphasized the importance of Pakistan’s private sector and asked to increase the tax base. I assured him by expressing hope and giving renewed motivation to the Chambers, Associations, and Federation, and today, Alhamdulillah, the situation has changed. The private sector is more confident than ever and engaged with more enthusiasm.

Iftikhar Ali Malik said that the recent IMF programme for Pakistan was suspended in the month of September last year.

The reason given was that the conditions attached to the IMF programme were not implemented by Pakistan. He said that now the government has fulfilled all the conditions. Allied countries including Saudi Arabia, United Arab Emirates and China have sent billions of dollars. Therefore, I appeal that the IMF should release the programme without delay after fulfilling these conditions and not a single day should be wasted in this regard.

He said that due to low foreign exchange reserves and IMF conditions, the government had stopped imports. While, the devaluation of the rupee was very high due to the decrease in foreign exchange reserves. As a result of this, due to the low dollar rate of the official market, the black market came into existence and dollars from abroad went to the black market. Thus, one and a half billion dollars came less from the export sector, the export funds were stopped. Also because of the ban on imports

Food, oil, medicines and essential industrial raw materials and commercial goods are not available in the country if import containers are stuck at the country’s ports. Due to this, the value addition of industrial products has been badly affected. Timely fulfilment of export orders was also not possible. In such a situation, the private sector of Pakistan is facing a lot of losses and difficulties.

I request the IMF to release the IMF programme as soon as possible in the best interest of the region and the country. There should be no delay. In the best interest of the United Nations, the IMF should play an economic role and stay away from politics. He emphasized and said that I also appeal to Pakistani politicians to prioritize economic recovery over politics in the best interest of Pakistan.

Copyright Business Recorder, 2023