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.
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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