Ismail Suttar, President Employers Federation of Pakistan (EFP) and chairman Economic Council has urged the Governor of State Bank of Pakistan, Reza Baqir to further reduce policy rate by 300 basis points.

He maintained that the recent stimulus measures will not be sufficient and will exacerbate the prevailing recession. Businesses and SMEs will face severe liquidity crunch in running operations.

Ismail Suttar thanked SBP Governor for accepting the proposals of the EFP Board in a recent digital meeting, and said that employers have lauded the recent collateral relaxations and refinance scheme for payment of wages and salaries to the workers and employees of business concerns by SBP.

EFP President advocated swift and continued governmental protection of the interests of manufacturers, workers and small businessmen and prayed that Pakistan soon resumes industrialization on war footing basis.-PR