Staff Reporter
Karachi
Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, Mian Zahid Hussain on Monday said the second wave of coronavirus can be more dangerous for the masses and the economy.
In interaction with business community, he said the government and the central bank should take steps to save masses and the economy from the impact of the virus.
Banks and some other businesses remained profitable during the first wave of coronavirus but the second wave may erode the profitability of many sectors which has raised concerns, the business leader added.
Mian Zahid said that the second wave can increase the number of defaults closing down businesses and leaving people unemployed.
“It can also have a negative impact on investment and expansion plans as the ration of defaults jumped over one percent during the first wave,” he maintained.
The Chairman NBG of FPCCI said that during the first wave of virus, banks extended repayment period for loans worth Rs650 billion while rescheduled Rs184 billion of loans otherwise the ratio of defaults could have been higher.
