The Islamabad Chamber of Commerce and Industry (ICCI) has welcomed the 100 basis point cut in the policy interest rate by SPB and demanded that policy interest rate should further be reduced to 5 percent that would mitigate the problems of business community and facilitate the revival of business and economic activities in the country. It said the low interest rate was important to make Pakistan an attractive country for investment and spur business as well as industrial activities.  Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce and Industry said that in the prevailing circumstances when business and industry were struggling for survival due to Covid-19 pandemic, high interest rate in Pakistan had created additional problems for them and urged that this rate should further be brought down to ease the woes of private sector. He said that to lessen the problems of business community emerged in the wake of Covid-19 pandemic, many countries have made drastic cut in policy interest rate. He said that current policy interest rate in Malaysia and Indonesia was 4.50 percent, India 4.40 percent, China 3.85 percent, South Korea and Thailand 0.75 percent, Japan -0.10 percent and USA & Euro Zone zero percent, but interest rate in Pakistan was still on higher side that should be reduced to minimum 5 percent. It would alleviate the difficulties of business sector and help in early revival of economic activity. ICCI President said that due to Covid-19 pandemic, businesses and industrial units in Pakistan have suffered huge losses and were on the verge of collapse. He said this situation has made it very difficult for business community to pay back loans taken from banks with mark up. He said that government has taken a wise decision by providing relief in payment of electricity bills to small businesses. He emphasized that SBP should also hold a dialogue with commercial banks to convince them to defer receipt of loans with mark up from business community for at least 6 months so that businessmen could revive business activities and be able to pay back the outstanding loans of banks with mark up.