ISLAMABAD                  -              Mian Anjum Nisar, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has urged the government to take preventive measures and develop strategy to protect the pace of economic and trade progress of Pakistan from likely impacts of world economic slowdown apprehended by leading think tanks due to the recent global spread of the novel coronavirus.

Mian Anjum Nisar said that in order to save national economic system from the impacts of slow down of world economy due to coronavirus and other global economic challenges government should announce economic relief package to protect trade and industry of the country. He informed that the Europe is now the “epicentre” of the global coronavirus pandemic. The Europe Union (EU) is the second biggest trading partner of Pakistan where around 20 percent of Pakistani exports have duty-free access to the Europe, while 70 percent avails preferential treatment.

FPCCI under the current scenario has organized a consultative session seeking feeding back from the stakeholders on likely impact of this coronavirus on Pakistan’s foreign trade.

President FPCCI also informed that the US Congress has voted for a US $ 50 billion emergency funding package to fight the coronavirus. Several central banks around the world, including the U.S. Federal Reserve, have lowered interest rates to support their economies amid the coronavirus outbreak. Lowering interest rates make borrowing costs cheaper and could encourage business to take loans and spend which will in turn stimulate the economy. He further stated that the IMF is making available US $ 50 billion in emergency funding to help poor and middle-income countries.