President of Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has urged the government to restore public confidence in saving money and investment in the country that will rid the government of seeking help from international lenders.
"People are not inclined towards savings due to lack of trust in the financial institutions, inflation and negative rate of return," he said, urging the government to take note of the situation and restore confidence of the masses in the system so that they can save to provide sufficient funds for the developmental projects. Mian Zahid Hussain said that the country suffered due to low savings and low investment which is harmful for the economy. He said that a good number of people don't like to keep money in banks or saving centres due to aforesaid reasons while those with ample savings prefer transfer of funds abroad for better profit.
PBIF president said that the Pakistanis who earn between Rs 40,000 to Rs 500,000 per month have a saving average of 14% while the same in other regional country stands at 27 percent. He said that only 15% Indians keep their saved money at home instead of banks or saving institutions but in Pakistan a vast majority follows the trend due to lack of trust in the financial institutions.
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