Tax deferrals, interest rate cut proposed as govt mulls emergency bailout.

Byline: Imran Khan

ISLAMABAD -- The Prime Minister Imran Khan-led government of the Pakistan Tehreek-e-Insaf (PTI) is mulling an 'economic emergency bailout package' to help people and businesses survive the severe economic downturn caused by the new coronavirus pandemic, a local newspaper reported.

According to various estimates, the national economy is expected to suffer $ 10 billion loss if the deadly virus spreads quickly. The Ministry of Commerce has reportedly projected $2 to 4 billion loss to exports. Similarly, remittances can be badly affected as coronavirus has affected work of overseas Pakistanis. The Federal Board of Revenue has anticipated Rs300 billion losses since all major ports, businesses etc have been closed.

A series of meetings have been held with all stakeholders in this regard and various proposals came under discussion. It has been learnt that policymakers proposed to further decrease interest rate and facilitate the business community in tax matters. The policymakers also considered enhancing the scope of Ehsaas Programme to support the poorest section of the society whose livelihoods would be badly affected in lockdown scenario. The final decision about the bailout package will be taken by the National Security Committee (NSC) next week .

Meanwhile, Prime Minister Imran Khan has reaffirmed government's commitment to utilise all available...