STAFF REPORTER
KARACHI
A meeting was held between the Karachi Chamber of Commerce and Industry and the Federal Board of Revenue to discuss the proposals of KCCI for the Federal Budget 2020-21. Siraj Kassam Teli, Chairman-Businessmen Group and Former President KCCI led the KCCI team while Nausheen Javaid Amjad, Chairperson-FBR, headed the FBR team. At the outset Siraj Kassam Teli presented his felicitations to Nausheen Javaid Amjad for assuming the charge as Chairperson-FBR in these difficult times and wished her success in the discharge of her new responsibilities. In his address, Siraj Teli stated that entire global community including Pakistan are going through a major economic crisis and recession due to the widespread Covid-19 pandemic. He added that the world around us has changed forever and we are living under a new world order with massive challenges. In these extraordinary times, government has to take extra ordinary measures to support trade and industry to ensure their survival so that they can stand on their feet again. Today the primary concern should be survival of economy and not just the revenues. He said that the impact of this crisis is particularly severe for economies like Pakistan which are already burdened with debt. Trade and Industry in Pakistan is unable to cope with the financial impact of lockdowns to control the pandemic and many businesses are facing bankruptcies. Therefore, the government should focus on extending support to the trade and industry to ensure their survival.