Mian Zahid demands package for paying utility bills, port charges more cut in interest rate.

FPCCI's Businessmen Panel SVP, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said the central bank should announce a package for the business community enabling them to pay their utility bills and port charges.

The money will save many from bankruptcy and the funds can be returned to the government by December, he said.

Mian Zahid Hussain said that majority of the decisions of SBP appears to be in the right direction but the interest rate is very high which should be brought down to zero for the next three months.

Talking to the business community, the veteran business leader said many countries have reduced interest rates substantially to deal with the pandemic and doing it in Pakistan will discourage savings, trigger inflation, erode exchange rate and widen the current account deficit but there is no other option.

The country is facing reduced production, low demand, stagnant exports while remittances can fall therefore boosting economic activities is the only option to provide jobs and boost revenue, he said.

The former minister noted that the exchange rate has been eroded by eight per cent in one month which has raised concerns but the situation in some other countries so worse for which credit goes...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT