Karachi: Renowned businessman and Chairman of Pakistan Business Group, Farazur Rahman, criticized the decision to maintain the interest rate, stating that it is unbearable for industries and will result in closures and halt new investments. In a statement, Rahman expressed disappointment over the State Bank’s announcement to keep the interest rate at the highest level of 22 percent in the new monetary policy under IMF pressure. He highlighted the industry’s demands which were overlooked, leaving local industrialists compelled to obtain expensive loans and pay hefty interest. Expressing dismay over the decision of the State Bank, Rahman stated that they were expecting some relief measures which could have facilitated the industry but unfortunately, it did not happen. He noted a worrying increase in the unemployment rate and emphasized that contrary to claims of a decrease in inflation, prices of commodities are soaring. The prices of gas and electricity have become out of reach for even the affluent. Rahman appealed to the finance ministry to bring down the interest rate to single digits and take steps to provide relief to traders and industrialists; otherwise, all efforts for economic development will go in vain.
