PublicNews18: Prominent businessmen also suggested restoring courier service and online business to the government to help small and medium enterprises (SMEs) get through this difficult time.
Prime Minister Adviser to the Treasurer Dr. Abdul Hafeez Shaikh presided over the meeting with the business community through a video link, which was also attended by the Prime Minister’s Adviser on Trade and Industry, Abdul Razzaq Daud.
Sources said that representatives of large industries said they could withstand their workforce for 2 to 3 months, but if the situation remained so long, the government would have to come forward to protect them.
He suggested that central banks in other countries, including China and the United States, are buying assets, shares and goods of hard-to-find companies, which is good for both industry and government, while the State Bank lags behind.
The textile industry sought government support and demanded zero-rated or at least 70 percent input tax refunds.
The export sector also highlighted the losses caused by the dollar shortage and stated that they have no liquidity for more than a month.
He also asked the government to bear 30 to 40 percent of their bills.
A section of the meeting also told the government that the recent rate cut by the central bank is insufficient and that the value of the currency is not helpful unless the government has strong control over foreign exchange.
He suggested that the government announce the late payment of their loans and interest payments for 6 to 12 months instead of 3 months.