Karachi: President FPCCI Irfan Iqbal on book launching 'Alternative to IMF and other out of box solutions' by Dr. Shahida Wizarat, independent economist and author of more than 100 books and papers said that treasure of knowledge applied by author has opened debate in context of failure of another IMF programme.

This envisages need of debating to develop better alternatives available to sustain economy, which has not been able to frame its structure since rollout of 23 programmes which Pakistan completely or partially has followed.

Dr. Shahida Wizarat said that debt crisis causing outflow of massive revenues to service debts and interest payments alone, along with very harsh conditionalities of IMF for lending have led to very undesirable consequences on income distribution and poverty in Pakistan.

Pakistan needs to explore alternatives to IMF including, tapping external resources from all sources and not just export earnings, economic policies should be expansionary rather than recessionary as we are forced to have as result of compliance to IMF.

Ambassador Syed Hassan Javed said 28 developing countries including Pakistan have been short listed in forecasts of IFIs, to have real chances of economic meltdown, if they continue with their current policies, which are paradoxically drawn by IMF itself.

1. A. Jabbar Vice President FPCCI said that we must refer to understand Einstein insanity "Similar prescription with expected different results" is an analogy with Pakistan which has experienced quarter of century IMF programmes but yet it is not able to even marginally appear to be safe from external account ambush.

Nasser Hyatt Maggo immediate past President FPCCI deplored working of SBP in respect of non-availability of data in regard of import volumes and amounts as an excuse for inability to manage clearances of import economy.

Amjad Rafi former President KCCI said FPCCI has been doing to invite due attention towards increasing trade through transit and reach upto CIS for considering same as alternate solution to reduce demand on foreign exchange.

Suleman Chawla SVP FPCCI said that occasion provides all of us chance to benefit from knowledge leading towards increasing advocacy for sustainable economy.

Zakaria Usman former President FPCCI said that approach towards active import substitution policy would be helpful in averting trade imbalance and save us from external shocks.

Published in The Daily National Courier, February, 03 2023

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