ISLAMABAD Former President Islamabad Chambers of Commerce and Industry (ICCI), Shahid Rasheed Butt has said that the Prime Minister’s relief package is a welcome move but it can be improved to provide relief to masses and businesses reeling under the situation. In a statement issued here on Saturday, Shahid Rasheed Butt said that payment of Rs3000 per month to labourers is a good decision but they should also get relief in utility bills. He said that reduction in interest rates and petroleum prices is insufficient while keeping power and gas prices intact, is unjustified. The business leader said that interest rates should be brought down to four percent; sales tax should be reduced to singledigit 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. Shahid Rasheed said that exports could slide by four billion dollars for which measures should be taken immediately while tax collections target should be relaxed. PM’s package for the business community should be linked to the job security to save millions from unemployment, masses should be given interest-free loans and food prices should be reduced, he added. The former ICCI President noted that the economy can be improved by suspending IMF programme for one year and at least ten billion dollars of fresh loans must be secured. The US has allocated an amount equalling to 40 percent of its federal budget to combat virus fallout but experts are terming it insufficient therefore, our government should also boost funding to ward off an economic meltdown and human catastrophe, he said.—INP
