Islamabad (5th July, 2019): Islamabad Chamber of Commerce and Industry has stated that the $6 billion loan approved by IMF Executive Board for Pakistan proves to be a positive development.
According to Baaghi TV’s sources, the Islamabad Chamber of Commerce and Industry (ICCI) claims the IMF loan approved for Pakistan is a positive development for the country. It is reported, that the $6 billion loan would pave the way for the state to obtain financial support from many other international financial institutions as it will lead to progress in Pakistan’s economy.
The ICCI has further advised the government to use IMF loan for achieving sustainable development of the economy so, they could evolve a new strategy of freeing Pakistan of foreign debts otherwise, the state would not be able to achieve its long-term economic growth plans.
Notable members of the ICCI including President, Ahmed Hassan Moughal, as well as Senior Vice President Rafat Farid, and Vice President Iftikhar Anwar Sethi, have stated that Pakistan has taken 22 loans from the IMF since 1958, however, these loans have managed to provide short-term support for the progress of Pakistan’s economy consequently, the state has been unable to utilize the loans towards sustainable growth and development.
ICCI members have continued to say, that the approach of resorting to foreign debts has further steeped Pakistan into a ‘z series’ of debt traps, making the country’s total debt and liabilities exceed approximately Rs.35 trillion. They were of the view that despite accumulating the debt, the economy is persisting to struggle.
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