Business community gives mixed response to PM's package

Business community has expressed mixed reaction on the Prime Minster's economic package and expressed hope of proper mechanism to ensure smooth transfer of financial relief to poor and needy.
Chairman Businessmen Group (BMG) & Former President KCCI Siraj Kassam Teli and President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan have said that it was undoubtedly a very good initiative but an effective mechanism was immediately needed for implementation of this package that ensures smooth transfer of financial support to the poor and deserving segment of society including workers, labours, daily wage and handcart earners etc..
While warmly welcoming Prime Minister's financial relief package of around Rs 1.2 trillion announced to ward off the negative impact of coronavirus, they advised the government to publicise and provide details to all the chambers, trade associations and concerned individuals about the criteria and strategy to be followed for implementation of Rs 1.2 trillion financial relief package.
"We are too concerned about hundreds and thousands of poor labourers, daily wage and handcart earners as majority of these workers are neither registered with PM's Ehsaas Programme nor with the industries as they are usually outsourced hence, the government will have to come up with some kind of an effective mechanism in consultation with business & industrial community so that our poor brothers and sisters in distress could immediately start receiving financial relief during the ongoing difficult circumstances caused by the lethal coronavirus," said Siraj Teli and Agha Shahab in a joint statement issued on Wednesday.
Chairman BMG and President KCCI further appealed all to the businessmen, industrialists and traders of Karachi to extend full support to all their poor workers who must not be left alone and it has to be ensured at any cost that not a single worker or his/her family member suffers starvation during the lockdown. "We are socially, morally and religiously bound to help out and assist the poor people who are unable to come out of their homes to earn their bread and butter because of the widespread coronavirus pandemic hence, we all have to express unity and brotherhood with them by providing food and rations as per their requirements and according to our capacity," they added.
Referring to Governor State Bank's decision to slash the interest rate by another 150 basis points to 11 percent, they said that although some progress has been made by reducing the interest rate, but it should have been brought down to single digit to at least 9 percent as countries around the world have reduced their interest rates and many of these countries have gone down to zero and even minus due to the prevailing global recession.
"In our opinion, the high interest rate is overshadowing PM's financial relief package so it would be better to bring it down to single digit," they said, adding that the Finance Team of Prime Minister Imran Khan must stop worrying about IMF and announce relief measures irrespective of considering the fiscal space or capacity, but relief has to be given exactly as per extra ordinary circumstances emerging due to coronavirus.
President Federation of Pakistan Chambers of Commerce and Industries (FPCCI) Mian Anjum Nisar said that the business community of Pakistan highly appreciates Prime Minister Imran Khan for taking serious efforts and initiative to boost the moral of the country by announcing economic relief package.
President FPCCI also extended full support of the FPCCI and business community of Pakistan to the government and people of Pakistan at this time of crises.
Mian Anjum Nisar also stated that the FPCCI and the entire business community salute and pray for our front-line force doctors, nurses, paramedics and specially our armed forces, available and working shoulder to shoulder with civil society to combat this crisis.
He said FPCCI established Help Desks in Karachi, Lahore and Islamabad offices to help the business community due to ongoing COVID-19 crises and issues related to industrial and logistic operations of essential goods.
The FPCCI Help Desks may be contacted at Karachi working under Khurram Ijaz Vice President FPCCI, (Cell No. 0300 2251535, Islamabad, Qaisar Khan Vice President FPCCI (Cell N0.03480009292), Lahore, Dr Muhammad Arshad Vice President FPCCI (Cell No. 0321 8413166), while WhatsApp No. 03422449460 and email: help[[email protected].