Daily Times

President SAARC Chamber of Commerce and Industry (SCCI) Iftikhar Ali Malik on Monday urged the International Monetary Fund (IMF) to immediately release its tranche for Pakistan in the wake of billions of dollars guarantee by United Arab Emirates (UAE) and Saudi Arabia. Talking to a delegation of industrialists and traders led by Mian Ejaz Ahmad Arain Chief Executive Officer (CEO) of the Falcon International here today he said, “Pakistan’s worsening economic situation amid its continuing political turmoil is critical and calls for bold and timely action by policymakers.”

He said, “The economic crisis has adversely affected its human development indicators, including poverty, education, health, gender equality, and environmental sustainability.” He said, “The high rate of inflation, a weakening currency, and dangerously low foreign exchange reserves, along with the high cost of doing business, have intensified the grim economic outlook.”

He said the economic crisis could deepen if the International Monetary Fund (IMF) bailout is delayed further as foreign exchange reserves were at a historical low. Iftikhar Ali Malik said, “The current account deficit is expected to soar further as import restrictions on some of the essential items have been lifted after many months. ” “Food and fuel prices are soaring with the weekly inflation outlook standing at 45.4 percent while the currency depreciates.” He said, “Pakistan’s economy is in dire straits and still awaiting a much-needed USD 1.1 billion tranche of funding from the Washington-based International Monetary Fund (IMF) despite fulfillment of all required obligations.” He said, “In the prevailing scenario, IMF must release the bail-out package immediately without further loss of time to help strengthen Pakistan’s national economy and steer the country out of a monetary quagmire.”