ISLAMABAD. Former Saarc Chamber of Commerce and Industry president Iftikhar Ali Malik, while welcoming a financing agreement with the International Monetary Fund (IMF), has emphasised that the much-needed bailout package will help implement structural reforms, reduce fiscal deficit, control inflation and improve the balance of payments.
In a statement, Malik praised Pakistan’s government for making the best possible efforts to secure the agreement, which would pave the way for addressing economic imbalances, strengthening the fragile economy and restore investors’ confidence.
He was of the view that the expected increase in foreign exchange reserves would give a boost to the overall economy, build confidence in Pakistan’s ability to meet international obligations and provide a buffer against external shocks.
The business leader stated that the structural reforms would be undertaken in the areas of taxation, public expenditure, financial sector and governance. The reforms are aimed at addressing the deep-rooted economic issues and will benefit the economy in the long run.
Malik also lauded the “time-tested friends” of Pakistan including China, Saudi Arabia, the United Arab Emirates as well as the Islamic Development Fund for playing a critical role in enabling Islamabad to cope with the massive economic challenges.
Published in The Express Tribune, July 2nd, 2023.
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