President ICCI calls to bring down interest rate for facilitating businesses

Mar 30, 2020: The President Islamabad Chamber of Commerce and Industry (ICCI) Muhammad Ahmed Waheed on Monday called to bring down the interest rate for reviving business activities in current evolving situation after the spread of epidemic disease, COVID -19 in in the country.

“We are already facing challenge of production cost and cost of doing business been increased because of high policy rates and in post emerging situation emerged after epidemic disease of COVID-19 the businesses are already on halt, Muhammad Ahmed Waheed told, while talking to APP here.

He said that the business community of the country is committed to support the incumbent government and people in this critical situation and chamber chief also shown optimism that nation is to emerge as a successful nation in this huge challenge facing by whole globe.

President ICCI said that the Islamabad Chamber of Commerce and Industry (ICCI) has already allocated Rs 5 million to give financial assistance to the daily wagers working with different industrial units in the twins cities.

He further said the government to provide facility to the business community after the evolving situation of COVID-19 and also demand to enhance the credit facility business community of twin’s cities.

He said that local business community needed borrowings debt from banks to expand existing businesses and invest in new start-ups, but high policy rate has made bank borrowing costly for them due to which local business community were facing problems in promoting business activities.

Ahmed said whenever interest rate went up, banks preferred to invest in public sector instead of providing credit to private sector and the same was happening right now in Pakistan.

He hails the government for providing financial assistance package to the export-oriented industries for focusing on promoting business activities and increases the local exports in international market.

It would create multiple benefits for the economy as growth of businesses would create new jobs, attract more investment, improve tax revenue and promote exports, he said.

President ICCI said that in current situation of emergency the business community was united to face the challenge of epidemic disease COVID- 19, adding that he has directed to all the industrialist and businesses heads to support the unprivileged class of the society to provide them food and other necessities of daily use.

APP