Staff Reporter Islamabad
Former President Islamabad Chamber of Commerce and Industry Shahid Shahid Butt on Monday said that harsh conditions of IMF will have a catastrophic effect on the masses already facing pandemic, unemployment and unparalleled inflation.
In a statement issued here, he said masses cannot bear the burden of the stringent conditions of the lender amid the economic downturn.
Shahid Rasheed Butt said that IMF has asked to increase the FBR target by Rs1.3 trillion to Rs6 trillion for the incoming fiscal while masses will have to pay more taxes, face hike in power tariff and increased petroleum products resulting in increased cost of living.
The IMF conditions will also necessitate a cut of Rs150 billion in developmental spending and other measures eroding the remaining buying power of the poor and middle-income groups, he added.