KARACHI: Former provincial minister Mian Zahid Hussain has said that the economy was facing new challenges in the country.
While talking about the on-going situation of the country and the world due to the coronavirus Mian Zahid Hussain said that the business community has been advocating to reduce interest rates.
He further said that the coronavirus was shaking the foundations of the global economy. It was facing new challenges in Pakistan, he added.
Mian Zahid Hussain said that the insistence of the business community has led Prime Minister Imran Khan and other top officials to promise a reduction in the interest rates.
He further said that the business community has run out of patience to withstand strict monetary policy while on the other hand, SBP is facing new challenges.
He also noted that threats to the global financial system have prompted foreign investors to pull out their investment from developing countries in favour of low-risk investments.
Pakistan has attracted a lot of hot money due to high-interest rates but now 600 million dollars have been taking out by foreign investors during the first twelve days of the current month, he added.
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