Former president of Saarc Chamber of Commerce and Industry and FPCCI Tariq Sayeed, while applauding the government’s approach to study future plan without IMF, has termed it a wise decision which would lead to self-reliance and self-respect of the country.

Responding to the government’s opinion to wind up the Standby Arrangements (SBA) with IMF, he said it would have long-standing positive impact on socio-economic demography of the country.

Reliance on national resources to face the challenges is a better strategy, which will have multiplier effects in shaping up the future of Pakistan, he added.

In a statement he said that the economic managers at last have realised that dependence on conditional loans was not in the interest of the country and approaching IMF was the mistake, which should not be repeated.

Seeking loans for paying back instalments of past loans was out of question, argued Mr Sayeed stating that the annual payment of external debts, meeting losses of national airline and railways, burden of unproductive and non-development charges and price of war against terrorism account for more than the envisaged revenue target of 1.65 trillion for the year 2010-11.

He feared that the fiscal deficit may touch seven per cent of the GDP by the end of the fiscal year, which is alarming. He demanded of the government to formulate economic policies based on national resources and involvement of masses in the economic activities.

Yes, we can. But, obviously, it all depends upon the sincerity of purpose.
Without going into the longer debate of 'hows' and 'whys', we must ask why do we need an IMF program, or what is it that an IMF program generally offers. An IMF program brings two things:
1. Resources (fiscal), which the recipient country is short with, and
2. A plan for structural reforms to enable a country (supposedly) to be self-sufficient.

For these two things, all we need is a political will. Own Source Revenue (OSR) needs to be enhanced through local generation and taxes. Even with the current skewed taxation laws, the revenue potential through taxes is around PKR 4 Trillion. And how much do we collect? A mere 1.6 trillion. As for the second point, if can introduce reforms at the push of IMF, why can't we do it of our volition?

__________________
Muhammad Ali Asghar

yes, of course pakistan can overcome its economic problems without IMF program as IMF's core purpose is

To caught Pakistan in the trap of dependancy.

So it highly depends upon our "so called" leaders wether they escape us from this trap or use us to fill their own pockets.

Acctually, Pakistan can't be indipendent in its economy unitl it relies on foreign loans and donations. "Yes, or NO to donations" was a much debated topic last year which concluded that all kind of loans and donations only hinder the process of self relience and are no more good then a water buble.