Pakistani Business Community Airs Concern Over Goverment's Plans for New IMF Loan

Members of Pakistan’s business community have aired concerns over the Pakistani government’s plan to sign up for a new loan from the International Monetary Fund.

>> New IMF Loan for Pakistan Possible, Officials Say

The $3.5 billion loan agreement eyed by the government might not prove beneficial for Pakistan in the long term because of IMF’s harsh terms and conditions, the president of the Islamabad Chamber of Commerce and Industry said, according to The News.

The country’s business community is wary and apprehensive of the potential effects of the new IMF loan because the fund’s rigid conditions could further slow down economic growth, ICCI President Mahfooz Elahi said in a statement.

Elahi suggested that instead of seeking another IMF loan, the government should find ways to take advantage of Pakistan’s own resources and spend these through well-targeted development projects and allocations, the News says.

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About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.