KCCI donates Rs20mln in dams’ fund

Ag Reuters

KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has committed to donate Rs20 million in the dam construction fund announced by the Chief Justice of Pakistan, a statement said on Tuesday.

Mandviwala visited the KCCI and appealed to the business community of Karachi to contribute in the construction of dams, it added.

“Water is the biggest problem faced by Pakistan, which would affect every citizen of the country, and the construction of dams is the solution to this issue,” the deputy chairman Senate said.

Businessmen Group (BMG) Chairman Siraj Kassim Teli responded and committed a donation of Rs20 million in the dams fund on behalf of 22,000 members of the KCCI, it said.

Mandviwala said that the KCCI being the largest chamber in the country had the capacity to play an instrumental role in turning the city around. “The KCCI can help resolve all the issues and problems of the Karachiites,” he added.

Talking about the abnormal devaluation of local currency, Mandviwala said that the PML-N government had injected $7 billion to $8 billion of the government treasury into the market just to keep the rupee value stable.

“Such artificial measures always backfire, which is evident from these abnormal episodes of the rupee devaluation. Had this correction be market driven in the last five years, things would have been different and also without the economic uncertainty, which prevails now.”