Government is making all-out efforts to overcome inherited economic crisis: Deputy Speaker National Assembly

Lahore, January 07, 2019 (PPI-OT): Deputy Speaker of National Assembly Qasim Khan Suri has said that government is making all-out efforts to overcome inherited economic crisis. Business community has a key role in economy and economic challenges will be tackled with their cooperation. He was speaking at the Lahore Chamber of Commerce and Industry. The LCCI President Almas Hyder, Senior Vice President Khawaja Shahzad Nasir and Faheem-ur-Rehman Saigal also spoke on the occasion. Former LCCI President Mian Anjum Nisar and Executive Committee Members were also present.

The Deputy Speaker said that burden of debt has reached to Rs. 30,000 billions while a huge amount is required for debt servicing. He said that 2008 to 2018, than government borrowed Rs.24,000 billions but situation in all sectors of economy remained discouraging.

He said that after holding the reigns, Prime Minister sought help of Saudi Arabia, China, Turkey and Abudhabi, to get rid of economic crisis, instead of IMF. He said that if IMF help would be unavoidable, than no anti-country condition will be accepted. He said that Prime Minister Imran Khan is selfless and just want to put country on the rails of economic prosperity.

He said that local investors deserve one-window and all other facilities as they are working in difficult circumstances. Business community across the country should have equal facilities. He said that efforts are well on the way for trade in local currency. He said that 100-day play was a self-check on the government. He said that Central Asian States and various other markets are being focused for Pakistani merchandise.

Earlier, the LCCI President Almas Hyder said that we are listening to approach IMF 13th time. IMF should be the last option as it is working for just squeezing the developing countries. He said that when Malaysia, Indonesia and Thailand were facing currency crisis, Malaysia rejected IMF prescribes. He questioned that if IMF has some good suggestions then why don’t we do that ourselves. He said that if borrowing from IMF is essential than no harm conditions should be accepted.

Almas Hyder said that there are 10 indicators of Ease of Doing Business about government’s rules and regulations. He said that doing business has become a most difficult task in the presence of these rules which must be simplified and business friendly. He said that cumbersome and anti-business rules and regulations always promote corruption.

He said that duties and taxes on raw material should be reduced as China is selling finished products less than our cost of raw material. He said that manufacturing sector is not competitive at the existing tariff. He said that same facilities should be given to the local investors which are being offered to the foreign investors.

He said that difference between filer and non-filer has shrunk the market as there is a difference between taxpayer and filer. He said that stakeholders from agriculture sector, tribal area and people having a certain salary are not filer. He said that difference between filer and non-filer should be eliminated in coming mini budget.

For more information, contact:
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854