Faisal Moiz Khan has appealed to Finance Minister Miftah Ismail and Governor SBP to reconsider the recent decision to raise interest rates, and urged to bring down interest rates to single digits.
In a statement, NKATI president feared that if the government did not provide facilities for industries, it would have devastating effects, and productive activity will be severely hampered, leading to fears of rising unemployment.
Faisal Moiz Khan raised the question that whenever the economy is in crisis, the interest rate is raised first but other alternative and effective measures to get the economy out of the crisis are not considered. The government should understand that if industries are run then the country will develop and there will be ample employment opportunities, and how will the economic crisis go away when barriers are created for industries?
“The government should formulate an economic roadmap and find solutions to the problems in consultation with the business and industrial community”, NKATI chief proposed.
Describing the recent rise in interest rates as detrimental to the country’s exports, Faisal Moiz Khan said, “Given the current political turmoil and severe economic crisis, economic policy makers should work on strategies to facilitate the business and industries activities”.
Otherwise our economy will be destroyed and industries will be shut down which will not only increase unemployment but also create law and order problems. Therefore, decisions need to be taken in the best interest of the country to restore the confidence of traders and industrialists and also to promote foreign investment.
