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Pakistan Could Save Rs. 3 Trillion If State Bank Cuts Interest Rate Tomorrow

President of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Atif Ikram Shaikh, has emphasized the need for zero rates to be restored for industries in the upcoming budget. He also called for reductions in electricity and interest rates.

Ikram highlighted that with inflation reduced to 11.8 percent, the current 22 percent interest rate is unjustified. He suggested that by lowering the interest rate, the government could save Rs. 3 trillion in interest payments.

Regarding the textile sector, Ikram mentioned that for the past four months, cotton imports from the US and Brazil have been blocked at the port. This delay has resulted in a significant financial burden due to increased demurrage charges, which have now exceeded Rs. 50 million. These charges are being paid to foreign companies in dollars, adding to the economic pressure on the country. He urged the government to promptly address this issue.

Ikram expressed confidence in the Prime Minister’s commitment to promoting a favorable business and trade environment in Pakistan. He stressed the importance of implementing investment and business-friendly policies to attract investments and spur economic growth.

 
 
 

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