‘Tough IMF conditions unacceptable’

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Friday advised the government to avoid tough IMF conditions that would ultimately shrink economy and jack up unemployment, a statement said.

LCCI President Almas Hyder said that if IMF funding is necessary than no harmful conditions such as increase in discount rate, more audits for the business community and utility price hike should be accepted at any cost, it added.

“It would not be wrong to say that most of the Pakistan’s economic woes are just because of haphazardly borrowing from the IMF, as previous governments accepted their strict conditions without keeping in view the ground realities,” the LCCI president said.

IMF is working for squeezing the developing countries, not for their economic development, he added.

The LCCI president said the cost of doing business would swell if strict IMF conditions are accepted.