IMF conditions shouldn't be allowed to become a threat to economy, says Mian Zahid.

President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Friday said IMF harsh conditions should not be allowed to become a threat to the economy.

IMF programme has reduced current account deficit and strengthened forex reserves to some extent but it has compromised growth rate, production, businesses and employment while runaway inflation has affected almost everyone, he said.

Mian Zahid Hussain said that reports regarding insistence by IMF to increase taxes are disturbing. If increasing taxes has become necessary, the government should target sectors which are not paying taxes since the last seventy years.

Talking to the business community, the veteran business leader said that growth rate has been reduced by over fifty percent to get six billion dollars from the lender resulting in massive bankruptcies and massive unemployment.

The former minister noted that after the IMF deal, rupee saw record erosion in its value but it hasn't helped to improve the...