Lahore: PTI member and former CEO of Engro Foods Company Asad Umar has said that the agreement between the government of Pakistan and the International Monetary Fund (IMF) would result in losses to as many as 1.2 million people, devaluation of rupee, escalating price hikes resulting in deteriorating economic financial conditions of the country.
While talking to the Lahore Economists Journalists Association, Asad spoke that this is the economic picture, the agreement presents after granting of loan. IMF has directed SBP foreign exchange. Purchasing of dollars would result in devaluation of rupee. This would in result disturb the financial budget of the country. The IMF’s technical analysis shows the exchange process necessary for reformation that involves that stake of devaluation of rupee by 6 %.
Umar said that being the opposition party we want to inform the masses about the realities and play positive role in the fiscal scenario of the country. Privatization does not necessarily provide fruitful results. The results are not always same, he added.