Office-bearers of the Lahore Chamber of Commerce & Industry, including President Kashif Anwar, Senior Vice President Zafar Mehmood Chaudhry, and Vice President Adnan Khalid Butt, on Friday welcomed the approval of a $700 million tranche by the International Monetary Fund (IMF) for Pakistan, hailing it as ‘excellent news for the economy.’
They commended the present regime for its efforts, acknowledging the approval from the IMF Executive Board after completing the first review of Pakistan’s economic reform program. The LCCI office-bearers anticipated that the approved $700 million would invigorate economic indicators, instill confidence in local and foreign investors, stabilize the rupee, and positively impact the stock market. Highlighting the importance of encouraging expatriate Pakistanis, they urged increased home remittances and support for export-oriented industries to boost exports.
In the wake of this positive development, the LCCI office-bearers urged authorities to focus on two critical areas for economic reform. Firstly, they called for efforts to expand the tax base, contributing to overall financial stability. Secondly, they stressed the need to stabilize the Pakistani rupee.
Expressing his opinion on the ideal exchange rate, the LCCI office-bearers suggested a range of 175 to 200 rupees per dollar. They outlined the multiple benefits of such a rate, including reducing inflation, lowering interest rates, and making business more affordable.
The LCCI office-bearers further emphasized the potential positive outcomes of this exchange rate adjustment, such as a decrease in the cost of imported goods and a more competitive market.
They highlighted that a favorable exchange rate would reduce businesses’ dependence on imported resources, enhancing their ability to rely on domestic alternatives.
They underscored that the IMF approval would enhance trust and confidence from other donor agencies and financial institutions, opening up opportunities for increased funding for Pakistan’s development projects. They called upon all political parties in Pakistan to set aside differences and sign a charter of economy, emphasizing the urgency of breaking free from recurring financial challenges.
They urged political leaders to unite in their commitment to long-term economic stability and growth, transcending party lines for the more significant benefit of the nation. They said the LCCI remains optimistic about Pakistan’s financial strength and growth, reiterating the importance of necessary economic reforms, addressing exchange rate disparities, expanding the tax base, and fostering unity among political parties for sustainable economic development.
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