The business community of Rawalpindi and Islamabad on Sunday hailed successful 10th review of the three-year Extended Fund Facility (EFF) programme by the International Monetary Funds (IMF). The review would lead to the release of 10th tranche of $500 million under the $6.4 billion EFF, which was a great achievement for the government, Islamabad Chamber of Commerce and Industry (ICCI) President Atif Ikram Sheikh said while talking to media persons.
He said the successful negotiations with the IMF would have positive effect on the country's economy. The IMF's approval for release of the tranche proved that the government had adopted sound economic policies and created a conducive environment for business community, he added.
Vice President of Federation of Pakistan Chambers of Commerce and Industries (FPCCI) Zafar Bakhtawari said the successful negotiations with the IMF on 10th review would revive the confidence of business community in the government policies.
The release of $500 million tranche would not only help enhance the foreign exchange reserves but also attract investors from abroad, he added.
Former ICCI President ICCI Muzzamil Hussain Sabri said for the first time in the country's history that a government had carried out steps to benefit the businessmen.
The successful review would enhance the trust of both local and foreign investors in Pakistan's economy, he added.