KARACHI – The Prime Minister’s relief package is a welcome move but there is a lot of room for improvement in it which will improve lives of people, a business leader said.
Payment of Rs3000 per month to labourers is a good decision but the country lacks such a mechanism therefore part of it should be earmarked to waive utility bills, said Shahid Rasheed Butt former President ICCI.
He said that paying cash grant would raise questions about transparency while bureaucratic inertia will also be a problem which must be streamlined.
Shahid Rasheed Butt said that reduction in petroleum prices is insufficient while keeping power and gas prices intact is shocking.
He said that interest rates should be brought down to four percent; sales tax should be reduced to single-digit while sales tax on food items and medicines should be waived to provide relief to masses.
He said that exchange rate erosion should be stopped, NIC condition should be deferred for one year and business community should be provided relief in repayment of loans and interest.
The business leader said that exports could slide by four billion dollars for which measures should be taken immediately while tax collections target should be relaxed.
He said that package for the business community should be linked to the job security in the firms receiving help to save millions from unemployment, masses should be given interest-free loans and food prices should be reduced as the number of people living below poverty line has been estimated to double soon.
He said that the economy can be improved by suspending IMF programme for one year or its conditions are put on the backburner and at least ten billion dollars of loans are secured from international institutions.
He said that the US has allocated an amount equalling to 40 percent of its federal budget to tackle crisis and others are following suit but experts are terming it insufficient therefore our government should also boost funding to ward off an economic meltdown and human catastrophe, he said.
