Karachi: In a significant endorsement of international financial support, Zubair Tufail, former President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and current President of the United Business Group (UBG), has lauded the recent approval of a $7 billion loan package from the International Monetary Fund (IMF) as a crucial step for Pakistan’s economy.

According to United Business Group, Tufail emphasized the timely necessity of the IMF package, noting that the imminent receipt of the first tranche should prompt the government to enhance financial discipline. He expressed the business community's hope that this program would be Pakistan's last with the IMF, aiming for the nation to achieve self-sustainability.

Tufail also underscored the need for critical reforms, including the renegotiation of agreements with Independent Power Producers (IPPs) to address the mounting circular debt in the energy sector. He advocated for improvements in the tax system and the digitalization of the Federal Board of Revenue (FBR) to strengthen economic foundations.

Malik Khuda Bakhsh, a member of the UBG Core Committee, added that the government’s measures to curb inflation were beginning to bear fruit, with declining interest rates, a stabilizing currency, rising foreign exchange reserves, and improved national ratings from credit agencies. Bakhsh suggested that the IMF’s endorsement could lead to further reductions in interest rates and a significant easing of inflationary pressures.