HCCI President urges economic emergency imposition in consultation with all stakeholders.

HYDERABAD -- The President Hyderabad Chamber of Commerce and Industry Adeel Siddiqui has urged the federal government to impose economic emergency in consultation with all stakeholders without any delay in order to find economic solution.

In a statement issued here on Thursday he emphasized the need of appointment of the Governor State Bank of Pakistan with immediate effect as well.

He said that current situation in foreign exchange market also seeking serious attention from the government.

He said that interest rate's benchmark in Malaysia was 2.2 percent while it was 3.5 percent in Indonesia, 3.7 percent in China, 4.75 percent in Bangladesh and 4.9 percent in India but in Pakistan, it was 15 percent.

He said that such situation would make it difficult for private sector to compete effectively.

He remarked that government should announce expected inflows of dollars through all sources like International Monetary Fund, World Bank, Asian Development Bank etc to halt this uncertainty.

He said that no business enterprises would be able to repay loans with such a high inflationary...