IMF agreement to strengthen economy, attract foreign investment: Experts
PESHAWAR (APP): Economics and diplomatic experts here Friday welcomed reaching of an agreement between Pakistan and International Monetary Fund (APP) that would significantly help strengthen the national economy and attract foreign investment to the former.
Professor Dr. Muhammad Naeem of the Swabi University told APP that the staff-level nine months stand by agreement (SBA) of around USD 3 billion was a landmark development that would give upward positive push to the economy of Pakistan besides tackling an issues of balance of payments and foreign loans burden.
He said the new agreement would not only help in stabilization of the economy from recent external shocks but would also preserve macroeconomic stability and provide a framework for financing from multilateral and bilateral partners.
Dr Naeem said the value of rupee against dollar would improve and infant industries would grow in Pakistan.
Former Ambassador, Manzoorul Haq also hailed the agreement and declared it significant.
Talking to APP, he said the agreement would encourage international monetary institutions to invest in Pakistan in diversfied fields besides creating space for social and development spending through improved domestic revenue mobilization.
Yousaf Sarwar, former President, Sarhad Chamber of Commerce and Industry termed Pakistan-IMF agreement was a positive development in the wake of economic issues of the former.
He said this would definitely increase the confidence of businessmen, commercial markets and investors besides accelerate pace of economic and industrial development.
He said the bilateral and multilateral donors would now speed up dealings with Pakistan.
He said the agreement will ensure overall stability and bring down inflation and price in the country.
Ikhtair Wali, PMLN KP spokesman said that Prime Minister Muhammad Shehbaz Sharif and Finance Minister Ishaq Dar deserved full credit and appreciation for the agreement.
He said that Nawaz Sharif government has sucessfully completed the agreement with IMF and PMLN after coming into power would also complete it.
