KARACHI, Jan 11: All the losses suffered during Dec 27 to Dec 31 in loot, plunder, rioting and arson following tragic killing of Ms Benazir Bhutto amount to eight per cent of the GDP as against a projected seven per cent growth in the GDP in the current fiscal year.

This observation and assessment of the losses was conveyed to caretaker Prime Minister Mohammadmian Soomro by the President of the Federation of Pakistan Chambers of Commerce and Industry, Mr Tanveer Ahmad Sheikh, who led a 40-member businessman delegation and held a three-hour meeting.

A press release of the FPCCI said on Friday that the caretaker Prime Minister and other top functionaries—finance minister, commerce minister, food and agriculture minister, water and power minister, petroleum minister, interior minister and the Governor of State Bank of Pakistan— were informed about the grievances of the business community.

The businessmen team that included former presidents of the FPCCI Tariq Sayeed and Mr Iftikhar Malik raised the issue of inactivity of the law-enforcement agencies.

The police and rangers, they alleged, failed completely to protect the life and property of citizens who were left at the mercy of miscreants.

An assurance was given by the government about restoration of electricity at the level of pre-Dec 15 by Jan 24 after the damaged Hubco tower is repaired and water supply from dams is brought to original level.

The current wheat crisis also came under discussion and businessmen pleaded announcement of a support price for the farmers before sowing.

Mr Zubail Tufail, a vice president of the FPCCI, suggested the government to set up at least two specialised financial institutions for industrial financing as industrialists are now depending on commercial banks for long-term credits. He proposed eight per cent rate for industrial loans.

The State Bank Governor, however, expressed her reservations on the proposal.

In another press release, the FPCCI President expressed his concern on the observations and disclosures of the first quarterly report of State Bank of Pakistan according to which deterioration has set in all key indicators of the national economy. Mr Tanveer Sheikh blamed monetary policy for problems of the export oriented industry.