Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce and Industry (ICCI) said that problems for business community were multiplying day by day and urged that government should pay priority attention to resolve their key issues to facilitate the growth of business activities and turn around the economy. He said this while speaking at a luncheon hosted by Mian Arif Hussain, Executive Member ICCI in honor of business community of twin cities.

Muhammad Ahmed Waheed showed great concerns over the sharp decline in private sector borrowing that has reduced by around 70 percent during the first seven months (July 19-Jan 20) of the current fiscal year as it will further slowdown the business activities and create more problems for the economy. He called upon the government to reduce the interest rate to single digital level in order to turn around the struggling economy. He said that banks had provided credit of Rs.587 billion during the first seven months of fiscal year 2018-19 that have come down to Rs.179 billion during the same period of current fiscal year showing a decline of 69.5 percent that should be a cause of concern for the policymakers. He said that key policy interest rate of over 13 percent was the main reason of sharp decline in private sector borrowing as it was not viable for traders and industrialists to get lending from banks at so much high interest rate. Mian Akram Farid, Chairman Founder Group speaking at the occasion said that due to multiple factors, business activities have deteriorated greatly due to which it was difficult for businessmen to pay rent of their shops. He said that high inflation has badly eroded the purchasing power of people due to which businesses and industrial were on the verge of closure and urged that government should take measures to reverse this situation.

Mian Arif Hussain Executive Member ICCI and Muhammad Ashraf Chairman MIA Corporation thanked the business community of twin cities for attending the luncheon and highlighting key issues of business sector. Tahir Abbasi Senior Vice President ICCI, Saboor Malik President RCCI, Sohail Altaf Group Leader Rawalpindi Chamber of Commerce, Ch. Zahid Vice President FPCCI, Muhammad Ejaz Abbasi, Nasir Qureshi, Usman Ashraf and others also spoke at the occasion and called upon the government to address the key issues of business sector in the larger interest of the country.