Karachi (September 27, 2024) – Zubair Tufail, former President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and President of the United Business Group (UBG), has described the approval of a $7 billion package by the International Monetary Fund (IMF) as a positive development. He stated that there was an urgent need for the IMF package for Pakistan’s economy at this time. With the loan now approved and the first tranche expected to be received soon, he emphasized that the government must focus on improving financial discipline.
Zubair Tufail expressed the business community’s hope that this would be the last program from the IMF for Pakistan, allowing the country to stand firmly on its own feet. He noted that international financial institutions have expressed confidence in Pakistan, but the government should also strive to ensure that this is indeed the final program with the IMF.
Additionally, UBG President Zubair Tufail highlighted the need to revise agreements with Independent Power Producers (IPPs) to control circular debt in the energy sector, while also improving the tax system and focusing on the digitalization of the Federal Board of Revenue (FBR).
Member of the UBG Core Committee, Malik Khuda Bakhsh, remarked that the government’s efforts to reduce inflation are showing positive effects. Interest rates are decreasing, the currency is stabilizing, foreign exchange reserves are increasing, and rating agencies have improved Pakistan’s rating. He noted that there is a strong possibility that after the approval of the $7 billion loan package by the IMF, interest rates will be further reduced, leading to a significant decrease in inflation.
