Tuesday, October 19, 2021

Hafeez Shaikh urged to lower interest rate to mitigate coronavirus impact


ISLAMABAD: Adviser to Prime Minister on Finance Abdul Hafeez Shaikh on Saturday chaired a meeting of think tank on economic affairs to discuss coronavirus impact on economy and efforts needed to mitigate its risks, ARY NEWS reported.

The participants stressed upon the need to bring reforms in monetary, banking and financial affairs and small and medium enterprises (SME) sector. The meeting also emphasized on the need to bring improvement in large scale businesses, social safety net, health sector and private sector.

The adviser briefed the participants on the debt relief plan approved at the G-20 forum. He said that under the plan, United States Dollar (USD) 1.80 billion debt payment could be postponed for a year.

“We have received an emergency funding of $1.40 billion from International Monetary Fund (IMF),” Hafeez Shaikh said as the participants called for a further decline in the interest rate.

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The meeting also called for transferring advantage of low global fuel price to the masses other than facilitating the lower segments and small businesses at the time of the pandemic.

It was informed that the decision on achieving difficult FBR tax targets was postponed and would be taken after further deliberations.

The meeting was also briefed on the relief package provided to the masses under the Ehsaas programme.

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