LAHORE: Former President of SAARC Chamber of Commerce and Industry Iftikhar Ali Malik has emphasized that the IMF bailout package is necessary to implement structural reforms, reduce fiscal deficits, control inflation and stabilize the economy. He believes this support will also improve the country’s long-term economic prospects and help address balance of payments problems. In a statement issued here on Sunday, he lauded the key role of Prime Minister Shehbaz Sharif and Deputy Prime Minister Ishaq Dar for making all-out efforts to secure the IMF programme, whose main objective is to address economic imbalances, strengthen the fragile economy and restore investor confidence. . He said the increased foreign exchange reserves provide a boost to Pakistan’s foreign exchange reserves, which he said 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 spending, the financial sector and governance. These reforms aim to address deep-rooted economic problems and can have long-term benefits for the economy, he added. Iftikhar Ali Malik appreciated the visionary approach and wisdom of the Prime Minister and highlighted his key role in getting support from friendly countries to secure an agreement with the IMF. He said now is the high time for the “PM’s Economic Recovery Plan” to focus on unlocking their strategic potential, attracting foreign investment and creating ample employment opportunities, he concluded.
