LCCI offici­al says such constr­aints will shrink the econom­y and increa­se unempl­oyment­LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) advised the government on Friday to avoid tough International Monetary Fund (IMF) conditions, which would not be in the better interest of the economy. LCCI President Almas Hyder underlined that if IMF funding was inevitable, then no harmful conditions like hike in discount rate and additional audits for businesses should be accepted at any cost. Small business: LCCI calls for setting up well-equipped cottage city“It is not incorrect to claim that majority of Pakistan’s economic woes are solely because of haphazard borrowing from the IMF,” he reiterated. He recalled that when Malaysia, Indonesia and Thailand faced economic crisis, Malaysia rejected IMF prescribes and evolved out of the distress from its own resources. Hyder expressed optimism that the country would be able to overcome economic challenges even without approaching IMF.

Source: The Express Tribune January 11, 2019 15:33 UTC