Pakistani Business Community Applauds IMF Agreement for Economic Stability

Pakistani Business Community Applauds IMF Agreement for Economic Stability

Karachi, July 1, 2023: Pakistani businessmen have expressed their appreciation for the recent loan agreement between Pakistan and the International Monetary Fund (IMF).

The agreement, which amounts to three billion dollars, has been regarded as a positive development by the Chairman of the Businessmen Group, Zubeir Motiwala.

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After a period of grappling with a severe economic crisis, the economy, trade, and industry sectors of Pakistan are finally beginning to see a glimmer of hope. This agreement with the IMF has provided a breath of fresh air to these sectors, as stated by Zubeir Motiwala.

In light of this significant development, the business community extends its congratulations to the Prime Minister and the Finance Minister for successfully finalizing the trade agreement. It is hoped that this agreement will pave the way for greater economic stability within the country.

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One notable impact of the IMF agreement is the restoration of foreign investors’ confidence, which had been shaken due to the economic challenges. Additionally, there is an anticipated improvement in the value of the Pakistani rupee, and the stock exchange is expected to experience positive effects. Chairman Zubeir Motiwala specifically noted that the agreement will likely result in a decrease in the real value of the US dollar.

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The business community also expresses hope that the agreement will contribute to a reduction in inflation and a lowering of interest rates. However, there is also a concern among businessmen and industrialists regarding the potential increase in business costs associated with the revival of the IMF program. Chairman Motiwala emphasized the importance of paying special attention to this issue.

To further stimulate industrial activities and boost revenue, the businessmen urge the immediate issuance of sales tax refunds and Duty Drawback of Local Taxes and Levies (DLTL) funds.

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The Pakistani business community is optimistic about the future, as they believe that the IMF agreement will lay the foundation for a more stable and prosperous economic environment.