ISLAMABAD : The Businessmen Panel of the FPCCI on Friday said debt servicing has become impossible for the government therefore it must take new loans to repay oil loans otherwise country may face a default.
The process must not be delayed as it will have a negative impact on the economy which is already facing many troubles including twin deficit.
The economy needs cash which is fast disappearing, therefore, the government should try to get a loan from friendly countries or the institutions which did not attack tough conditions to the loans, it said.
The government should keep the loan from the IMF as a last option and negotiate it in a way to keep economy and masses from the notorious condition of the lender, said Naseem-Ur-Rehman, a central leader of the BMP.
He said that Pakistan must service debts which will require billions of dollars otherwise it would be declared a defaulted country which we cannot afford as it will result in the excessive printing of money which will skyrocket the inflation.
The business leader said that country is facing the problem of cash flow which is necessary for rapid development; therefore, urgent steps should be taken.
Orignally published by INP