Acceptance of IMF conditions will adversely affect every sector: CTI Chief

Lahore

LAHORE:Carpet Training Institute (CTI) Chairperson Pervez Hanif has said that accepting the unreasonable conditions for obtaining a loan from the International Monetary Fund (IMF) will adversely affect every sector.

Expressing these views in a statement issued here Sunday, he said the proposed conditions for raising taxes and abolishing tax exemptions on sections will not be acceptable under any circumstances to those who are already paying taxes. Hanif said rising production costs are pushing Pakistani products out of competition in global markets and unfortunately, the government is not paying attention to this issue.

He said that due to the contradiction in the words and deeds of any government, the confidence of the people is eroded. “The incumbent government should put its past statements before making any decision and just as the previous governments used to burden the people and various sectors to meet the conditions of the IMF; the present government is also following their path,” he added.

It is demanded that the proposed conditions for obtaining a loan from the IMF should be brought forward and stakeholders should be consulted in this regard otherwise it will have very negative consequences. Hanif said that the sectors which are already burdened with taxes are reportedly required to impose more burdens on them.

“Tax exemptions for certain sectors are meant to increase exports, but pressure is also being exerted to eliminate them, adding he said instead of acknowledging the IMF’s unreasonable conditions, the government should be aware of the ground realities and make stakeholder suggestions part of the negotiations.