Pakistan is facing multiple internal and external challenges because of inconsistent economic policies, said Chairman Pakistan Industrial and Traders Associations Front (PIAF) Sohail Lashari in a statement, here on Tuesday.
The chairman PIAF further said the government would have to take short-term sector specific measures in consultation with the stakeholders to cope with the economic meltdown.
He said that the government would have to come forward for the handholding of the business community that was continuously playing its role efficiently in such difficult times. He invited the government's attention towards the major issues being faced by the country, he said that government would have to withdraw recently announced RGST and flood surcharge immediately.
He urged government to break the shackles of International Monetary Fund (IMF) and adopt independent economic policies if it wanted to make the dream of economic stability come true. The IMF conditions are creating multiple problems not only for the masses but also industrial sector and national economy, he added.
The PIAF chief said that the entire business community had serious reservations that the present democratic government has failed to make any change and was continuing with heavy dependence on foreign loans that had reached $58.4 billion. He said that if government continues to follow IMF directions, the situation would further aggravate. Pakistan direly needed home-grown policies instead of any directions from IMF that had severely suggested increase in power tariff, tax reforms and raise in mark-up.
He also urged the government to build Kalabagh dam immediately as it could not only generate cheap electricity but also water be provided to the agriculture sector. Kalabagh dam alone could award Rs 525 billion annually to the economy he said and drew the government's attention towards the high mark-up rates in Pakistan.
The mark-up rates are very high in Pakistan as compared to other developed economies in the world, he said adding that the government should take measures immediately, as the economic crisis was deepening with every passing day.