Traders pin hopes on PM to overcome economic problems

Islamabad: The business community has full faith in the abilities of the Prime Minister Shahid Khaqan Abbasi and he can overcome the economic problems being faced by the country, a business leader said in a statement.

The Prime Minister should take bold steps to revive the economy as the masses as well as the business community will fully support him, said Atif Ikram Sheikh former president ICCI. He said that more duties should be imposed on imports of luxury items while steps should be taken to improve exports.

Atif Ikram Sheikh who is also Group Leader of HCCI said that economy is not performing well but the decision to keep rate stable in the larger national interest is highly laudable. He said that state-owned-corporations are inflicting an annual loss of over Rs500 billion, therefore, these should be sold as the exchequer cannot bear its burden anymore.

These corporations were mismanaged by the government in the past while heavy induction also took place in these institutions which has damaged them beyond repair, he observed. He said that recent hike in the price of electricity and fuel prices was a difficult decision but there was no other option to arrange finances to keep the country afloat.

The business leader called for reforming energy sector, imposing a tax on agricultural income, and bringing an end to the culture of blocking refunds which take a toll on exporters. He said that business community is pinning high hopes of the prime minister to revive the economy by his solid decisions backed by his knowledge of the economy.