New financial year will bring convenience to business community: Ali Zaidi

ISLAMABAD: Minister for Maritime Affairs Ali Haider Zaidi has said that the federal budget for the new financial year will bring convenience to the business community.

In a message on Twitter, Federal Minister Syed Ali Zaidi wrote that Pakistan had the highest interest rate cut among all emerging markets. 

“NO NEW TAXES”
Govt of Pakistan has put NO NEW TAXES yet allocated an additional Hundreds of billions to fight #COVID
This is in addition to existing package of Rs 1240 billion. #Ehsaas program spending also increased to Rs 208 billion

— Ali Haider Zaidi (@AliHZaidiPTI) June 15, 2020

According to the minister, this is in addition to the existing package of Rs 1240 billion. “The Ehsaas program spending also increased to Rs 208 billion,” he wrote.

“There are 525 basis points, while the market, which is in recession due to the coronavirus, will also be supported by the budget,” he further wrote.

Ali Zaidi said that businesses that were facing financial difficulties would return to life due to the budget. “This is helping the ailing economy due to COVID-19 and to help businesses be revived. Relief to exporters plus bank loan payment deferred for one year. Hardly any country has done that.”