(April 13, 2020)
FPCCI’s Businessmen Panel SVP, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said coronavirus is digging a grave for country’s stressed economy.
Giving package to some sectors while at the mercy of the situation is not good policy as all sectors are interlinked that should be bailed out together, he said.
Mian Zahid Hussain said that a very serious economic is looming which calls for a proper response otherwise the whole nation will face the consequences.
Talking to the business community, the veteran business leader said that millions of people have lost their jobs, majority of businesses and industries are facing lockdown, exports are sliding, and the situation has broken the back of masses but what we see is lack of planning and political will.
The former minister noted that international institutions are projecting a serious economic crisis but their actions have left much to be desired. There is an absence of a global unified response which has pushed different countries to deal with the problem in their own way. He said that developing countries are worst hit as they lack resources to withstand the shocks. The government should immediately formulate SOPs and reopen businesses to save masses from starvation.
Mian Zahid Hussain lauded the efforts of Governor SBP Dr. Reza Baqir and supported recently announced package. He said that Reza is doing a lot to provide relief to masses but the scarcity of resources is obstructing his initiatives.
He said that the government should immediately announce fifty percent reduction in interest rates and all taxes as well as duties, access of tax officials to bank accounts should be withdrawn while the NIC condition should be deferred for one year to infuse confidence in the business community. India and Bangladesh have announced a package over and above 16 billion dollars while here media glare precedes proper initiatives, he said, adding that economy cannot endure the problems and masses cannot get real relief unless a real package is announced.