KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Anjum Nisar has urged the government to take preventive measures and develop a robust strategy to protect the economy from the likely impact of global slowdown caused by the recent spread of novel coronavirus.
It may be noted that globally, more than 145,682 people have so far been diagnosed with coronavirus, with the death toll rising to 5,436. China, South Korea, Italy and Iran remain the top four countries with most number of reported deaths.
The United States confirmed 41 deaths from the outbreak, along with more than 1,264 confirmed cases.
“In order to safeguard the national economy from the impacts of coronavirus and other global challenges, the government should announce an economic relief package to protect the country’s industry,” Mian Anjum Nisar said.
He noted that Europe has now become the “epicentre” of the global coronavirus pandemic, and that “the Europe Union (EU) is the second-biggest trading partner of Pakistan where around 20pc of Pakistani exports enjoy duty-free access, while 70pc avails preferential treatment”.
The FPCCI president further informed that the US Congress had voted for a $50 billion emergency funding package to fight the coronavirus, adding that several central banks around the world, including the US Federal Reserve, have lowered their interest rates to support their economies amid the virus outbreak.
“Lowering interest rates make borrowing costs cheaper and could encourage business to take loans and spend, which, in turn, will stimulate the economy.”
Earlier this week, the FPCCI had organized a consultative session seeking feeding back from the stakeholders on likely impact of this coronavirus on Pakistan’s foreign trade.
Addressing the session, SBP Deputy Governor Dr Murtaza Syed had said that Pakistan’s economic fundamentals “are strong enough to absorb coronavirus shocks“.
“Pakistan’s economic fundamentals are strong and resilient enough to bear the shocks, unlike other countries which had been severely hit economically,” he had stated.
He said the significant fall in petroleum prices in the international market would benefit Pakistan’s economy as it would help build foreign reserves, besides bringing down the current account deficit and inflation rate.
“Pakistan’s supply chain with China will soon be restored as coronavirus cases are coming down there.”
