1.2 Million People To Lose Job On Taking Of IMF Loan: PTI Asad Umar 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. 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 %. It has been reported by the government to add up $ 1o billion by the end of the following year through loan installments. Umar questioned then why do we need to ask for loans then. Giving details about the economic analysis, Asad further said that fall of one rupee against dollar costs Rs 70 billion to the economy. The growth rate is expected to fall by 2.5 % which would lead to the dismissal of 1.2 million people according to the estimated figure, he added. 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.
Posted on: Wed, 02 Oct 2013 06:47:54 +0000
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