Virus To Hit Global GDP By $12 Trillion: Mian Zahid Hussain
Umer Jamshaid Published December 04, 2020 | 05:14 PM
Private western creditors playing negative role amid pandemic, IMF can help distressed nations by selling 10pc gold
Karachi (UrduPoint / Pakistan Point News - 4th Dec, 2020) Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said global GDP will take a hit of $12 trillion due to the pandemic during 2020-21.
Developed economies will be able to absorb the shock but poor countries are unable to face it as their income has been compromised by the coronavirus, he said.
Mian Zahid Hussain said that the response of developed nations to the problem is unsatisfactory while that of private creditors is highly unsympathetic.
Talking to the business community, the veteran business leader said that rich nations have extended the duration of repayments but private creditors are unmoved which can fan poverty and conflicts while destabilising the global economic system.
He said that developed nations have extended repayment of $31 billion of loans but the private creditors of rich nations are not ready to waive loans or extend repayment deadlines.
He informed that the major part of the debt of the developing nations has been borrowed from the private sector of the western economies which is not payable in these circumstances.
Poor nations cannot ask the private creditors to reschedule loans as it will hit their credit rating which will result in more problems, he added.
The business leader said that the IMF has 2814 metric tonnes of gold worth $175 billion while it has made a profit of 38 billion dollars on the gold due to rising prices.
IMF can consider selling ten percent of the gold stock to provide relief to 73 distressed poor nations which are in the bad need of help, he said.
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
More Stories From Business
-
Miner Anglo American rejects BHP's $38.8 billion takeover bid
4 minutes ago -
Exchange rates for currency notes
2 hours ago -
Foreign exchange rates
3 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
3 hours ago -
Today Gold Rate in Pakistan 26 April 2024
3 hours ago -
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
13 hours ago
-
Pak-US officials engage to enhance trade, investment ties
13 hours ago -
Stocks fall as tech shares sink, US economy slows
14 hours ago -
Higher taxes, awareness help decrease cigarettes sale in Pakistan
15 hours ago -
Ahsan Iqbal chairs CPEC JWGs, 13th JCC review-meeting
15 hours ago -
Industries Minister recommends urea fertilizer import to stabilize prices and supply
15 hours ago -
Honda announces US$11 bn EV battery and vehicle plant in Canada
15 hours ago