The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed concern over Pakistan entering into an agreement with the IMF on rigid and unfavourable terms and conditions which could be detrimental to the country''s interests.
In a statement to the press issued here on Saturday. Tanvir Ahmed Sheikh, President of FPCCI, regretted that this would be the third government that would ignore FPCCI in seeking its feedback and not take the apex trade body into confidence on matters of vital interest before signing the agreement.
FPCCI was not consulted on two previous such occasions also, which resulted in leaving festering wounds on the trade and economy of Pakistan. IMF policy stresses on "demand management, withdrawal of subsidies, higher rates on indirect taxes and high cost of financing", which would have overall adverse effects on the country''s economy, already under tremendous pressure at the moment, he said.
The FPCCI President stressed that the government should negotiate, and identify, sources of revenue generation and also as to how it would manage to pay back huge IMF loans without offering industrial competitiveness.