IMF review proves Govt economic success: UBG

Lahore: The United Business Group (UBG) of FPCCI on Friday said the latest IMF review proves economic attainment of the government as the finance minister and his team has paved way for development thwarting any chance of default.

Pakistan was facing serious balance of payments crisis in 2013 which has been buried forever paving way for microeconomic stability and economic success it said.

Chairman of the UBG Iftikhar Ali Malik and Patron-in-Chief SM Muneer said in a joint statement that microeconomic stability has been achieved and now government should consider increasing the pace of reforms.

They said that situation of debt servicing is satisfactory and the remaining structural weaknesses should be settled at earliest.

Iftikhar Ali Malik and SM Muneer said that government should push the sale of bleeding state-run enterprises which continue to waste over Rs500 billion per annum that results in budget deficit.

The veteran business leaders said that sale of PIA should be a priority while reforms and privatization of power sector should top the priority list, adding that it will reduce dependence on domestic and foreign loans.

Budget deficit has been reduced to 5.37 percent, foreign exchange reserves at record level, mega projects and underway, investment climate and law and order situation is improving while the Chinese investment is changing the map of Pakistan, they said.

GDP has grown by 4.24 percent while leading international publications and rating agencies have acknowledged Pakistan’s outstanding economic performance for which credit goes to Nawaz administration.