photo: REUTERSThe Pakistan Business Council (PBC), on Friday, urged the government to admit before the nation that the country is in a serious economic crisis, instead of denying the default risk to effectively plan, execute and get out of the tough situation. In addition, the country’s preeminent business advocacy group, comprising the top 100 foreign businesses across the country, recommended a $19 billion energy conservation plan and the adoption of austerity measures. PBC has strongly advised the resumption of the International Monetary Fund (IMF) loan programme and suggested the government urgently negotiate the restructuring of its foreign debt to buy time and undertake overdue economic reforms. The council shared a set of recommendations with the media, titled ‘Macro-economic Priorities/Primary Objectives: Secure Pakistan’s Solvency and Buy Time for Fundamental Reforms’. The PBC presented ideas to create a $19 billion positive impact on the external account and raise over Rs1 trillion for the fiscal account.
