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.