KP business community opposes handing over State Bank to IMF

PESHAWAR: Pakistan Business Forum has rejected the government decision to hand over the State Bank of Pakistan to the IMF and asked the rulers to review their decision.

Speaking at a news conference at Peshawar Press Club on Wednesday, the senior vice-president Behrullah Khan, vice-president Khalid Mehmud, Jamaat-e-Islami Peshawar district chief Attiqur Rehman, and JI Peshawar president,Khalid Gul Mohmand said the sovereignty of State Bank should not be compromised to IMF at gunpoint.

They also demanded to withdraw the presidential ordinance wherein the tax exemption for hospital, welfare institutions had been withdrawn. They said they would launch protest movement with the consultation of all trader organisations if their demands were not met within one week.

They said they would also follow the coronavirus SOPs while protesting till the acceptance of their demands. The Forum representatives claimed that the sovereignty of the State Bank had been compromised with IMF. They said the federal cabinet in its meeting on March 10 had given approval to the decision in haste and later the sensitive institution of the country had been given through a presidential ordinance. They said the decision had been made conditional with the release of 500 million US dollars. They asked the government to make State Bank of Pakistan an autonomous body. They deplored that the documents in this respect had been kept secret from the elected members, although those were public documents.

The Forum demanded authorities to make the document public. They said State Bank of Pakistan should be autonomous in its all financial and economic policies. They said the public representatives should also fulfil their responsibilities and should not allow any illegal and unconstitutional decisions.

They said that after ruining all other institutions, the government was now bent on destroying the State Bank and economy of the country by keeping this institution mortgaged with IMF.