Karachi: Chairman Pakistan Indonesia Business Council (PIBC) Abid Nisar hailed agreement with International Monetary Fund (IMF) as crucial step for economic revival of Pakistan, praising efforts of Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar.

Abid Nisar praising significant role by Chief of Army Staff General Asim Munir in saving Pakistan from default, saying that Staff-Level Agreement with IMF will prove crucial in getting from worst economic crisis faced by Pakistan.

In statement, Chairman PIBC said that business community was very optimistic about this agreement and expects that government while utilising funds in right direction will focus on bringing country out of economic crises and making it self-sufficient. Furthermore, government expenditures will also be gradually reduced, as this is now only way to put country on path of progress.

There was significant growth in stock market, while business situation is also expected to improve in coming times. He stated that Pakistan's progress is contingent upon growth of business and industry as well as happiness of people. However, he requested government to reduce electricity and gas tariffs and bring down policy rate so that businesses and industries can run smoothly and private sector can overcome liquidity crunch.