IMF bailout package to stabilize economy, improve long-term prospects: Iftikhar Malik

ISLAMABAD (APP): SAARC Chamber of Commerce and Industry former President Iftikhar Ali Malik on Saturday said much needed International Monetary Fund (IMF) bail-out package will help implement structural reforms, reduce fiscal deficits, control inflation, and facilitate the balance of payments besides stabilizing the economy and improve its long-term prospects.

In a news statement issued here, he congratulated Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar for making the best possible efforts to secure the much-delayed IMF program aims to address economic imbalances, strengthen the fragile economy, and restore investors’ confidence.

He said increased foreign exchange reserves provide a boost to Pakistan’s foreign exchange reserves which he added can help restore confidence in the country’s ability to meet its international obligations and provide a buffer against external shocks.

He said IMF programs will help implement structural reforms in areas such as taxation, public expenditure, the financial sector, and governance. These reforms aim to address deep-rooted economic issues and can have long-term benefits for the economy, he added.

An octogenarian trade leader of South Asia Iftikhar Ali Malik also expressed his highest degree of gratitude to our time-tested friends of all seasons China, Saudi Arabia, the United Arab Emirates, and the Islamic Development Fund help steer Pakistan out of turmoil at the time of massive economic challenges.

He said Prime Minister’s visionary approach and wisdom played a key role in mustering the support from friendly countries to get through the IMF deal.

He said now it’s high time the “PM Economic Revival Plan” must focus on unlocking their strategic potential in agriculture, mine and minerals, defence production and information technology in addition to attracting foreign investments of billions of dollars and creating job opportunities for millions of people.