President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has said that continued delay in payment of refund claims is hurting economy and the export sector. He said that deferral in payment of refunds despite repeated promises by the authorities concerned has frustrated business community while many businesses continue to suffer from severe liquidity issues.
Talking to Chairman FBR Nisar Muhammad Khan, Mian Zahid Hussain said that exporters are getting loans on inflated interest rates from the market to remain in business which has made exports costlier, speeding up fall in the external trade. He said that Pakistan's exports continue to fall due to multiple issues while those of the competing countries continue to surge because of their enabling environment.
Exports should be given attention otherwise the government will have to seek more loans which is against in the interest of country as loans have already up to 63 percent of the GDP which seems unsustainable. Mian Zahid Hussain demanded that sales tax refund claims of power companies amounting to Rs 60 billion should be settled immediately lest it hurt their operations which can result in prolonged power outages in summer.
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