Business community shows displeasure over hike in policy interest rate
- September 22, 2021
Sardar Yasir Ilyas Khan said that the best way to stabilize Pakistan’s economy is to create favorable conditions for the business activities. On the contrary, in Pakistan, the value of rupee is falling, prices of petroleum products and electricity & gas rates are being raised, laws for tax collection are being tightened and interest rates have also been raised. He said that such measures by the government would further increase the cost of doing business, hike inflation for the common man and slow down the pace of economic growth instead of improving it. Therefore, this situation demands that the government should revise such harsh policies and take the private sector into full confidence so that a joint strategy can be formulated to put the economy on the path of sustainable development.
Fatma Azim, Senior Vice President and Abdul Rehman Khan, Vice President ICCI said that in the current difficult situation, the government should focus on adopting a soft monetary policy and reduce interest rate instead of raising them so that the private sector can take advantage of the easy credit facility to expand business activities and make new investments which will create more jobs, reduce unemployment & poverty, increase exports and tax revenue, and move the economy towards fast recovery.