The Acting President says that debt relief for developing nationis could support them in fight against Covid-19 and its negative impact on economy.
LAHORE: (UrduPoint/Pakistan Point News-August 22nd, 2020) Acting President of the Lahore Chamber of Commerce and Industry Ali Hussam Asghar on Saturday a urged that the rich countries including the G-20 should give debt relief to the developing countries like Pakistan.
Ali Hussam Asghar said this step would support the developing nations in fight against Covid- 19 and its negative impact on economy.
He said that Prime Minister of Pakistan Imran Khan has also taken up this matter with global financial institutions Like IMF, World Bank, Asian Development Bank and the United Nations.
He said that the World Bank chief has also voiced the same issue and warned that the coronavirus pandemic may have driven as many as 100 million people back into extreme povertywhich is an alarming situation.
The Acting President of the Lahore Chamber of Commerce & Industry Ali HussamAsgharstressed upon the world community to realize the impact of COVID -19 seriously as it has left many economies trembling.
He said that although the financial institutions have also deferred the loan payments till the end of this year but this should be extended to further one year. He said that along with deferred payments the G-20 countries must consider reducing the amount of loans by giving debt relief.
The Acting President LCCI Ali HussamAsghar has also urged the government to initiate public sector development projects immediately in order to generate employment substantially.
Ali HussamAsgharadvised the government to complete the special economic zones under CPEC so that the process of industrialization accelerates in the county. He also said that the government should ensure the participation of Pakistani companies in CPEC projects and provide them level playing field with Chinese companies. These steps would help to generate employment and in reduction of poverty in the country.
