KARACHI: The business community has welcomed the IMF stand-by arrangement (SBA) and expressed hope that it will improve confidence of business community.

President FPCCI, Irfan Iqbal Sheikh said that it is big good news after Eid.

He said that government has started long-term planning for economic stabilisation. The FPCCI preparing a 15-year economic development plan in consultation with all political parties and stake holders, he added.

He said that the government should also prepare an incentive plan for overseas investors so that they should make investment in the country.

It is a pleasure to reach an agreement of three billion dollars from the IMF, said Chairman BMG Zubair Motiwala. He further said after the agreement with the IMF the economic stability will come in the country.

The confidence of foreign investors will be restored, the value of rupee will improve and there will be positive effects also on the stock exchange, he added.

Former president of FPCCI and President of United Business Group (UBG) Zubair Tufail said that the credit of the 9-month SBA with the IMF goes to Prime Minister Shehbaz Sharif, Finance Minister Ishaq Dar and the Ministry of Finance.

According to central spokesperson of United Business Group, Gulzar Feroze, Zubair Tufail said that this new programme is much better than our expectations, it will reduce the uncertainty now, and inflation will also be reduced to some extent.

A reduction is possible, the business conditions at the local level will improve while the confidence of foreign investors will be restored.

Zubair Tufail said that the funding of 3 billion dollars over 9 months is more than expected for Pakistan, as the country will settle in 2019. Wale was awaiting release of the remaining $ 2.5 billion from the $ 6.5 billion bailout package, which expired on Friday, May 30.

Zubair Tufail further said that Prime Minister Shehbaz Sharif’s meeting with IMF Managing Director Kristalina Georgieva in Paris on June 22 and the PM’s efforts later paved the way for Pakistan’s SBA.

Copyright Business Recorder, 2023