LAHORE: International Monetary Fund (IMF) Resident Representative Teresa Daban Sanchez on Thursday visited the Lahore Chamber of Commerce and Industry (LCCI) to discuss various issues related to economy, revenue collection, inflation, mark-up, trade deficit, agriculture and other sectors.

“Actually Pakistan is in a challenging economic state-of-affairs and it would have to carry out essential reforms in order to bring a drastic change,” she said in a two-hour long meeting with the LCCI office bearers led by the President Almas Hyder.

“Lack of consistent policies creates challenges. So Pakistan needs to have viable plans to avoid such challenges,” she added.

She said the country would have to enhance its tax-to-GDP ratio and social spending which are relatively low.

Speaking on the occasion, LCCI President Almas Hyder said that since no economy could grow in suffocation, therefore the International Monetary Fund (IMF) should not ask for tough conditions.

“IMF and government would have to adopt pragmatic approach and should keep in view the ground realities and economic scenario in the country,” he said.

Hyder said that Pakistan had been one of the most frequent recipients of IMF bailouts which have resulted in devaluation of currency, excessive inflation, and slash in public expenditure and hike in interest rates.

Published in Dawn, August 2nd, 2019