By Karim Madad

ISLAMABAD, Aug 17, (INP-WealthPK): The representatives of the business community and experts of economy have appreciated the government’s economic team led by Finance Minister Miftah Ismail for taking steps to avert a Sri Lanka-like situation in Pakistan.

Iftikhar Ali Malik, President of the SAARC Chamber of Commerce and Industry, told WealthPK that the present government and its economic team led by Miftah Ismail took immediate steps and devised prudent economic policies to save the country from default and put it on the path of economic trajectory.

He expressed the hope that the government’s initiatives would help to promote business activities in the country and restore the confidence of investors. He said that the steps would attract Foreign Direct Investment (FDI) to the country.

Meher Kashif Younis, Coordinator to Federal Tax Ombudsman and former vice president of FPCCI, also lauded Finance Minister Miftah Ismail and his team for initiating corrective economic measures and prudent policies, which saved Pakistan from default. He said that the steps being taken by the government would stop the fall of the Pakistan rupee against the dollar.

He told WealthPK that such steps built the confidence of the investors and the business community. He called for reducing the rate interest rate for the promotion and development of local industries and acceleration of business activities in the country.

Finance Minister Miftah Ismail, in a recent interview with CNBC, said that the tough policy decisions and measures taken by the government successfully averted a Sri Lanka-like situation. The economy of the country was now heading in the right direction.

He said that although the decisions were tough and harsh for the people, the government had no other option to save the economy from collapse. “There were serious worries about Pakistan heading Sri Lanka’s way and Pakistan getting into a default-like situation but thankfully we made some significant changes. I think, we averted that situation,” the minister said in the interview.

He said that the country was now in International Monetary Fund (IMF) programme while a staff-level agreement was already reached. The approval from the IMF board for the release of funds under the Extended Fund Facility was awaited.

The minister said that Pakistan was expected to receive the fund by end of the current month.

Credit: Independent News Pakistan-WealthPak