KARACHI: The Acting President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Zaki Aijaz said that keeping the interest rate at 11% and not reducing electricity prices has worsened the economic situation.
He urged the government to bring the interest rate into single digits without waiting for the new monetary policy, in order to revive the economy.
Addressing press conference, he declared the country’s economy to be “dead”. He stated that due to the government’s measures, the economy is unable to revive and is currently in a dead state. He further stated that after successful negotiations between the government and the business community official notifications are expected to start being issued by Monday.
Zaki Aijaz claimed that the government has accepted their demands regarding Section 37AA, the two-lakh cash deposit limit, and digital invoicing. He said that Section 37AA was a major demand of the business community, and FBR has already issued a notification on it.
As per the notification, a five-member committee has been formed. Regarding cash deposits over PKR 200,000, he explained that there will be no tax on such transactions if they are made through sales tax registered accounts and are properly invoiced. He also informed that the government has given time from September to December 2025 for the implementation of digital invoicing.
Zaki Aijaz further revealed that the Karachi Chamber of Commerce had assured the government during negotiations that there would be no strike, but despite issuing a press release to that effect, they later called for a strike independently.
Copyright Business Recorder, 2025
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