Islamabad, July 06, 2023 (PPI-OT): Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt said on Thursday the fears of a default have passes and the pressure on the economy is reducing due to agreement with the IMF. The process of painful reforms needs to be accelerated so that the economy can stabilise, and the people can get some relief, he said.

Shahid Rashid Butt said in a statement issued here today that the news of the deal with the IMF has improved the confidence of disappointed business community. The dollar has fallen sharply, gold has also become cheaper, inflation is decreasing, the value of Pakistani bonds has increased, while the activity in the stock exchange has started, he observed. He said that despite all the positives, Pakistan has to repay up to $25 billion to creditors this year.

On the flip side, unemployment has increased, many industries are no more viable, the decline in exports for the month of June was 19 percent as compared to the last year, and people are leaving the country in greater numbers. He said that the government should implement economic and administrative reforms, increase tax revenue without burdening the people, and reduce the deficit and start gradually reducing the multi-billion dollar concessions given to the elite to save the country.

If the government delays the reforms, the situation will worsen again, as some quarters are advising it to leave the process of painful reforms to the incoming government so as not to anger the voters. Delaying reforms for political reasons will be a major blow to the credibility and economy of Pakistan, he warned.

For more information, contact:

Dr. Shahid Rasheed Butt

Consul General Ghana

Former President ICCI

Former Patron ICST

Tel: +92-333-5132199, +92-51-2822571