March 19, 2023

ICCI demands cut in SBP interest rate to revive economic activities

Islamabad, March 19, 2023 (PPI-OT):
Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry (ICCI) has that the 20 percent benchmark interest rate in Pakistan is highest in the Asia, which is a major hurdle in promoting trade and industrial activities in the country and urged that the SBP should make significant cut in interest rate to revive the businesses and economy. He said that the interest rate in China is 3.65%, Bangladesh 6%, India 6.5% but in Pakistan it is 20%, which is highest in the whole Asian region. He said this while addressing a dinner reception hosted in honour of Sardar Tahir Mahmood, President, Islamabad Estate Agents Association.

Ahsan Bakhtawari said that the historic hike in interest rate has made the credit cost unaffordable for the private sector due to which business and investment activities are badly suffering. He stressed that the government should address the concerns of the business community on high interest rate and high taxes on the construction sector to ease their problems.

Speaking at the occasion, Sardar Tahir, President, Islamabad Estate Agents Association said that the construction industry is the backbone of the economy as its growth boosts the business activities of over 70 allied industries. However, the construction industry is in big trouble these days due to high interest rate, higher taxes and devaluation of the rupee. He stressed that the Finance Minister Ishaq Dar should hold a meeting with the business community of the construction industry to listen to their genuine issues and take urgent remedial measures to revive the economy.

Zafar Bakhawari, former President ICCI said that Pakistan is facing a serious issue of foreign exchange reserves due to which imports are banned and said that the best option for Pakistan to improve forex reserves is to boost exports on an urgent basis. He said that for this purpose, it is essential that the government should promote ease of doing business by reducing the cost of doing business.

Sardar Yasir Ilyas Khan, former President ICCI said that the government’s policy of increasing interest rate to control inflation has failed miserably. He said that instead of controlling inflation, high interest rate would lead to rapid de-industrialization causing more slowdown in GDP growth. He urged that the SBP should reconsider its monetary policy and reduce interest rate to make it affordable for businesses.

Muhammad Ejaz Abbasi former President ICCI, Zahid Rafiq Secretary General Islamabad Estate Agents Association, Ch. Masood, Ch. Nadeem ud Din, Tahir Abbasi, Abid Khan, Muhammad Naveed Malik, Sai fur Rehman Khan, Baber Chaudhry and others also spoke at the occasion.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk

The post ICCI demands cut in SBP interest rate to revive economic activities appeared first on Business News Pakistan.

March 19, 2023

Security forces recover huge cache of arms, ammunition from terrorists’ hideout in Chaman

Islamabad, March 19, 2023 (PPI-OT): An Intelligence Based Operation was carried out in general area Rehman Kahul, Chaman to clear a suspected hideout of Terrorists, linked with recent terrorist incidents including planting of improvised explosive devices in Chaman and surrounding areas.

According to the Media Wing of Pakistan Army, as a result of continuous technical Surveillance and Reconnaissance of the area, a location of the Terrorists was identified and Security Forces were employed to check it. Extensive search and sanitization was carried out in the area, and resultantly, a huge cache of arms and ammunition including Improvised Explosive Devices has been recovered. It is pertinent to mention here that Pakistan Army in step with Nation, remains determined to thwart attempts at sabotaging peace, stability and progress of Balochistan.

For more information, contact:
Ministry of Information and Broadcasting
Government of Pakistan
4th Floor, Cabinet Block, Pak. Secretariat, Islamabad, Pakistan
Tel: +92-51-9103557
Email: info@moib.gov.pk
Website: http://www.moib.gov.pk

March 19, 2023

PSMA announces to provide sugar to consumers at low price during Ramadan

Islamabad, March 19, 2023 (PPI-OT): The Pakistan Sugar Mills Association has announced to provide sugar to consumers at low price during the holy month of Ramazan. A meeting in this regard was held between a PSMA delegation, led by its Chairman Chaudhry Zaka Ashraf, and Caretaker Provincial Minister for Industries SM Tanveer in Lahore on Sunday. It was decided that the sugar mills would provide sugar at low price at sale points, to be designated by the respective district administration.

March 19, 2023

Govt announces petroleum relief package of Rs50 per litre for low income families

Islamabad, March 19, 2023 (PPI-OT): The government has announced a petroleum relief package of 50 rupees per litre for the low income people of the country. The decision was made at a meeting chaired by Prime Minister Muhammad Shehbaz Sharif in Lahore on Sunday.

The Prime Minister said consumers using small vehicles including motorcycles, rickshaws, and 800 CC vehicles be included in the petroleum subsidy. He directed all relevant authorities to finalize a scheme at the earliest, for effective implementation of the subsidy. Shehbaz Sharif said motorcycles, rickshaws and small vehicles are used by low-income people, so petroleum subsidy will directly lead to the relief of poor people.

He said despite severe economic difficulties, the government is trying to help the poor people in every possible way. Minister of State for Petroleum Musadik Malik briefed the meeting about the strategy to implement the petroleum subsidy to low-income people.

March 19, 2023

Attack on Islamabad’s Judicial Complex unlawful attempt to pressure institutions: Sanaullah

Islamabad, March 19, 2023 (PPI-OT): Interior Minister Rana Sanaullah has said Imran Khan Niazi is misguiding the people and is hell-bent to create chaos, uncertainty and anarchy in the country. Talking to media in Faisalabad on Sunday, he said the PTI Chief has nurtured a culture of using abusive and filthy language against political opponents in the country.

He said Imran Khan wants to bring institutions under pressure through armed gangs. He said no one will be allowed to violate the law of the land and destabilize the country. The Interior Minister said police have cleared no-go areas established by PTI goons in the Zaman Park of Lahore. He said the real face of Imran Khan has now been exposed to the masses. He expressed the confidence that the people of Pakistan will vote out Imran Khan and bury his abusive ideology in next general elections. He said the Pakistan Muslim League-Nawaz will easily win the upcoming polls.

March 19, 2023

PTI Chief using violence, creating chaos to avoid court proceedings: Marriyum

Islamabad, March 19, 2023 (PPI-OT): Minister for Information and Broadcasting, Marriyum Aurangzeb has said that PTI Chairman Imran Khan is using violence and causing chaos to avoid court proceedings. Addressing a news conference in Lahore on Sunday, she said that Imran Khan is responsible for lawlessness in the country.

She said that no democratic political party can use such undemocratic tactics. The Information Minister said under Prime Minister Shehbaz Sharif’s direction, distribution of free wheat flour has been started and the process will begin in Sindh and Balochistan soon. She said that talks are underway to reach staff-level agreement with IMF.

March 19, 2023

Distribution of free wheat flour among deserving families continues in Punjab, ICT

Islamabad, March 19, 2023 (PPI-OT): Distribution of free wheat flour to deserving families under special Ramadan package is continued in Punjab and Federal Capital Islamabad. On the direction of Prime Minister Shehbaz Sharif, over fifteen million families in Punjab and one million families in Islamabad will benefit from this initiative during the holy month of Ramadan. Each deserving family will be provided three bags of wheat flour during the month through Utility Stores and special points of sale.

March 19, 2023

BISP reaches over 247,000 children, 231,000 PLW

Islamabad, March 19, 2023 (PPI-OT): The Benazir Income Support Program has so far reached over 247,000 children affected by malnutrition and 231,000 pregnant and lactating women under the Benazir Nashonuma initiative. According to an official of BISP, these beneficiaries have been served through the network of over 400 Nashonuma Centers across the country.

Under the Conditional Cash Transfer intervention of Benazir Nashonuma, 2,000 rupees per woman with a boy child and 2,500 rupees per woman with a girl child are provided to BISP beneficiary families per quarter. According to the statistics, Pakistan’s high rate of malnutrition ranks it as the second-highest burden country in the region.