KCCI leadership welcomes PM Relief Package

KARACHI: Chairman, Businessmen Group in KCCI and former president of KCCI Siraj Kassam Teli and President of Karachi Chamber of Commerce and Industry Agha Shahab Ahmed Khan on Wednesday warmly welcomed Prime Minister’s financial relief package to take care of the negative impact of coronavirus pandemic.

In a statement, the business leaders said it was undoubtedly a very good initiative but an effective mechanism was immediately needed for implementation of this package to ensure smooth transfer of financial support to the poor and deserving segment of society.

“We are too concerned about hundreds and thousands of poor labours, daily wage and handcart pushers as majority of these workers are neither registered with PM’s Ehsaas Program nor with the industries as they are usually outsourced.”

They urged that the government would have to come up with some kind of an effective mechanism in consultation with trade and industrial community so that the poor segment of the society could immediately start receiving financial support /relief in this difficult situation created by lethal coronavirus.

They advised the government to make public all details to Chambers, Trade associations and other individuals concerned regarding the criteria and strategy to be followed for implementation financial relief package.

KCCI leaders also appealed to entire business community of Karachi to extend full support to all their poor workers and they must not be left alone to face tough time.

On this occasion, they referred to State Bank of Pakistan’s decision to slash the interest rate by another 150 basis points to 11 percent and said that although the Central Bank had taken a good step by reducing the interest rate, yet the cut was not enough to support the economy facing difficult times. The interest rate should reduced to single digit as countries around the world had significantly reduced their interest rates. Many of them had gone down to zero 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.