Islamabad: A delegation of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday held a meeting with (PM) Imran Khan wherein it requested relief with regard to the government’s economic policies — specifically seeking the withdrawal of the CNIC condition (which requires traders to show their ID cards to registered retailers for purchases of PKR 50,000 or more), a news source reported. In response, the premier promised the government’s support on this front once nationwide economic stability was achieved.
During the meeting, the FPCCI office-bearers requested PM Khan to abolish the CNIC condition for the purchase of items exceeding PKR 50,000, cut energy prices, and reduce interest rates.
FPCCI President Mian Anjum Nisar, during a press briefing, stated that the capacity of industrial units might not function above their current operational capacity (at 40%) if they did not get immediate relief.
PM Imran Khan, during his talks with the FPCCI delegation, maintained a position in line with the advice of the State Bank of Pakistan (SBP); which, in its first quarter report (published on January 6) for the period July-September 2019, had recommended continuation of the economic adjustment process and adherence to strict fiscal policies.
In pursuance of the requirements communicated by the International Monetary Fund (IMF) programme, the federal government has introduced measures in its efforts to achieve macroeconomic stability; which – according to various national and international credit-rating agencies – is already becoming visible in the current fiscal year.
