SAARC Chamber Urges IMF For Timely Bail Out Package To Sri Lanka
Muhammad Irfan Published May 22, 2022 | 02:50 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 22nd May, 2022 ) :President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik Sunday urged the International Monetary Fund (IMF) to work out timely bail out package to put defaulting Sri Lanka, a financially crumbled country, on track.
Talking to a delegation of women entrepreneurs led by Noreen Asim Siyal-an emerging youtuber, he said that main source of its revenue was tourism and deadly pandemic badly hit their tourism sector because of absence of foreign tourists which led to this ugly situation coupled with lack of good governance besides rising inflation. He urged the world including SAARC member countries to come forward and save trembling Sri Lanka from total collapse.
He said being top leader of South Asia, he is confident that tourism will pick up again and worsening economic condition will be overcome in the days to come studed with good governance. He said Sri Lanka is seeking to restructure debts of more than $50bn its owes to foreign creditors to make it more manageable to repay.
He said Sri Lankan government needs $4bn this year to little bit settle the score and bring the peaceful normal life.
Iftikhar Ali Malik, an octogenarian trade leader feared that Sri Lanka's default is flashing a warning sign that surging inflation is set to take a painful toll in other developing nations.
Responding to a question of Noreen Asim Siyal, he said "Pakistan will never become Sri Lanka, we have robust agriculture economy and colossal undocumented informal economy,which keeps the country sailing smoothly". He said Prime Minister Shehbaz Sharif is known for working over time and under his dynamic leadership Pakistan will flourish and an era of progress,prosperity and development will usher in with the active participation of private sector which will play key role in strengthening the national economy by broadening the tax base.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Business
-
Finance minister reviews progress on FBR digitalization
15 minutes ago -
US stocks rebound on tech earnings, London hits new record
15 minutes ago -
US approves gene therapy treatment for hemophilia
2 minutes ago -
KATI president for inclusion of agri sector in tax net
1 minute ago -
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-level delegation’s v ..
2 hours ago -
Police to take every step for security of business community: IGP
2 hours ago
-
WB director, Planning minister discuss reforms in development projects
2 hours ago -
IP rights crucial in achieving SDG : Jam Kamal
3 hours ago -
FBR’s data protection efforts commended by OECD assessment team
3 hours ago -
US stocks rebound on tech earnings, London hits new record
4 hours ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
4 hours ago -
SBP to announce monetary policy on April 29
4 hours ago