Resident Representative, the International Monetary Fund (IMF), Pakistan Office, Maria Teresa Daban Sanchez has said that the harsh budgetary measures taken by Pakistan government for fiscal year 2019-20 are not part of the IMF fresh financial bailout package.
Speaking at a meeting held at Sarhad Chamber of Commerce and Industry (SCCI) on Wednesday, Sanchez said that the IMF is extending US$6 billion Extended Fund Facility (EFF) Programme on request of Government of Pakistan. However, she said that the government's reforms initiatives are imperative for sustainable economic growth and development of the country.
Accompanied by her delegation members, senior economist Zafar Hayat and M Ali, Sanchez visited SCCI and held a meeting with president Faiz Muhammad Faizi, businessmen and other office-bearers of the chamber, according to a statement issued here on Thursday.
SCCI Senior Vice President, Engr Saad Khan Zahid, Vice President, Haris Mufti, FPCCI former president, Ghazanfar Bilour, All Pakistan Commercial Exporters Association Chairman, Engr Manzoor Elahi, executive members, Malik Imran Ishaq, Sohail Javed and Pervez Khattak were present in the meeting. Faiz Muhammad Faizi said that Pakistan's economy is passing through a critical phase for which foreign lending or financial packages such as IMF's are essential to bring back the economy on right track. He expressed the hope that IMF bailout package would bring economic prosperity and development in the country.
Faizi said KP's trade is mostly related with Afghanistan and Central Asian states. He said the continuous devaluation of Pakistan rupee against US dollar is badly affecting businesses and trade activities. He suggested the government to introduce fixed-tax system in the country. He said that instead of imposition of new taxes on existing taxpayers, the government should bring new people into the tax net.
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