Staff Reporter
Islamabad
The government should immediately establish one trillion rupees fund to combat coronavirus and stimulate the economy, a business leader said Saturday. The central bank should play its role in saving collapsing economy by slashing interest rates, said Shahid Rasheed Butt former President ICCI. He said that the offers by World Bank, Asian Development Bank and other international institutions are insufficient in the current bleak circumstances. The business leader said that FBR has estimated a revenue shortfall of Rs100 billion per month which indicates a steep fall in production that will leave millions jobless while damaging GDP. He said that textile exporters have reported around fifty percent cancellation in export orders which should be taken seriously. Different countries are taking steps like nationalising or gaining temporary control of health facilities and the pharmaceutical industry, the establishment of new hospitals and converting hotels, hostels, community centres.
