Lahore Chamber President For Saving Country From Economic Collapse.

LAHORE -- The government, politicians, all institutions including State Bank of Pakistan will have to play their due role to save the country from economic collapse as the 'titanic of economy is sinking rapidly'.

These views were expressed by LCCI President Mian Nauman Kabir while addressing an emergent press conference at the Lahore Chamber of Commerce and Industry on Wednesday. LCCI Senior Vice President Mian Rehman Aziz Chan and Vice President Haris Ateeq also spoke on the occasion while LCCI Executive Committee members were also present. 'It is a matter of concern that nobody is ready to listen the hue and cry of the business community which is the ultimate loser of the ongoing scenario', Mian Nauman Kabir added. He said that the political instability, lack of interest by the acting governor of State Bank of Pakistan to resolve the issues of business community, unjustified taxes in electricity bills, rising inflation, trade deficit, rupee devaluation and lack of cooperation from the banks is hindering the smooth running of the businesses.

Mian Nauman Kabir said that the acting governor State Bank of Pakistan is having meetings with the particular groups of elite class instead of having interaction with the Lahore Chamber that is the major stakeholder having over 30,000 members. He said that the inter-bank dollar rate has exceeded Rs. 237 which means that the rupee depreciated by more than 12% during the last one month and 25% if calculated over three months.

The LCCI president said: 'We have extended cooperation to the government but in return, the government did nothing.' He said that we have accepted the term of fixed tax but the government has started collecting sales tax in the electricity bills along with fixed tax. For example, he said, if the electricity price is Rs.2000 for a consumer then he will have to pay Rs.7000 more in the shape of tax. 'I do request to the politicians', Mian Nauman Kabir said and added that the political instability has pushed the economic issues behind the scene. He said that at a time when international community has kept a deep eye on Pakistan which is one of the most important countries of Asia, there is a dire need for political harmony...