Mr. Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce & Industry (), has welcomed the Staff-Level Agreement (SLA) between the Government of Pakistan and the International Monetary Fund (IMF). The agreement follows successful reviews of the Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF).
The SLA, which includes a $1.2 billion disbursement, is crucial for sustaining macroeconomic stability, according to Mr. Ikram Sheikh. He noted that unlocking $1 billion under EFF and $210 million under RSF will bolster foreign exchange reserves, rebuild market confidence, and positively signal international rating agencies.
Chief emphasized the need for urgent focus on fostering robust industrial growth amid structural bottlenecks stifling the private sector. The government must incentivize businesses, industry, and trade community facing high operational costs and geopolitical uncertainties.
Mr. Ikram Sheikh urged the government to prioritize reforms aimed at facilitating trade and industry immediately after securing economic buffer from IMF agreement. He advocated for significant reduction in policy rate, broadening tax base, and revenue mobilization efforts focusing on untaxed sectors rather than burdening compliant businesses.
The President highlighted that further taxes and delayed sales tax refunds drain the industry of needed liquidity. Echoing IMF’s structural benchmarks, called for robust institutional reforms to curb corruption, improve rule of law, and ensure transparency in public financial management.
Mr. Saquib Fayyaz Magoon, Senior Vice President (SVP) of , expressed concerns over external threats facing the economy due to escalating military tensions in the Middle East and surging global freight costs. Domestic economic policies must act as a shock absorber amid these global supply chain disruptions and fuel price volatility.
reaffirmed its commitment to serving as a constructive partner to the government, ready to assist in drafting evidence-based policies that promote an enabling environment for sustainable industrial expansion, export growth, and business climate resilience.
Brig Iftikhar Opel, SI (M), Retd. Secretary General