HYDERABAD: Hyderabad Chamber of Small Traders and Small Industry has taken exception of the Pakistan government’s new deal with the International Monitoring Fund with conditions that may weaken Pakistan’s economy. This was stated by Altaf Memon president Hyderabad Chamber of Small Traders and Small Industry. Though he was of the view that with the increase of the price of oil and daily consumer items the prices index here was bound to increase for which economic policies and reforms were must but hard conditions of IMF were to affect our economy.
He said in a statement that Pakistan’s economy was already under siege of dangers due to the recent downfall of the Pak Rupee. He said the imbalance in the recovery of taxes and a huge gap between imports and exports, a situation of food shortage, and an increase in unemployment and poverty have made the situation in Pakistan worse. He said the country was under pressure from inflation, and foreign debts and there seems no or little hope of its recovery due to political unrest instability in the country. He said through taking foreign loans by which increasing the tax burden on people may not prove sufficient for economic development.