Press Releases - Mian Zahid demands reintroduction of zero-rating to lift exports.

Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said government borrowed Rs14.7 trillion in last two years.

Foreign debt stood at $95 billion on 2018 which jumped to $113 billion in June 2020 which is a threat to the economic stability.

Borrowing can be reduced by reforms on lower and energy sectors, increased exports and reduced imports, reducing unnecessary imports and non-developmental expenditures, leasing out state land to the business community through transparent auctions, tacking failed state-run companies, improving tax administration and paying refunds to exporters.

Talking to the business community, the veteran business leader said power tariff was irrationally increased over the past two years but it has not helped tackle circular debt rather it has jumped to record levels and it added to the losses of masses, business community and bleeding enterprises.

The former government increased total debt by 27 percent while the present government is also relying heavily on borrowing.

He said that now the electricity tariff has been reduced for the industrial sector which is laudable but refunds worth...