Business community sees IMF bailout ending economic volatility

While seeing a bumpy ride ahead, the business community believes the approval of a nine-month $3 billion Stand-By Arrangement will end a long-drawn-out period of economic uncertainty and volatility. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh said securing the IMF programme was indispensable at this critical juncture of the country’s economic history. He said despite being tough on trade and industry, the businessmen were welcoming the IMF bailout programme in the greater national interest as it would open up inflows of external funding from bilateral, multilateral and international institutional sources. The government’s economic team now should manage the external account prudently and proactively and avoid any such episodes of delays and procrastination in the macroeconomic decision-making, he stressed.