LAHORE: While welcoming the 2.5 percentage point reduction in interest rates in the Monetary Policy Statement (MPS), S. M. Tanveer, Patron-in-Chief United Business Group (FPCCI-UBG), has expressed the hope that the government will ensure a single-digit interest rate by the start of 2025.

He said the government is on the right track, and the present move demonstrates its willingness to listen to the concerns of the business community, represented by the Federation of Pakistan Chambers of Commerce & Industry (FPCCI).

As Patron-in-Chief of the United Business Group (UBG), Tanveer said this reduction will provide much-needed relief to the private sector, helping to boost economic growth and development. However, he added in the same breath that the government still has a long way to go. The private sector is calling for further reductions, targeting an interest rate of 12.5% by December 31st and 9% by June 25th next year.

“I believe these rates will enable businesses to flourish, create jobs, and contribute to the country's economic prosperity,” he stressed.

Copyright Business Recorder, 2024