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LAHORE, Feb 02 (APP):The Pakistan Furniture Council (PFC) on Sunday called for lowering the interest rate to a single digit,an essential factor for reviving economy that will greatly help ease of doing business to compete the global market by boosting the exports.
Chairing a Board of Directors meeting here,CEO PFC Mian Kashif Ashfaq highlighted that high interest rates have stifled economic growth with increasing the cost of doing business and due to absence of investors interest.
He argued that a lower interest rate would encourage businesses to borrow,invest and expand their operations, ultimately leading to job creation and economic development.
He said that industry was struggling due to rising production costs,limited access to affordable financing and an bleak economic conditions. He said a single-digit interest rate would ease the financial burden on the private sector, particularly small and medium-sized enterprises (SMEs),which form the backbone of the economy.
He urged the government and central bank to adopt a pro-growth monetary policy and create a conducive environment for investment instead of lowering rate by one percent.
Kashif Ashfaq also stressed the importance of reducing reliance on foreign loans and enhancing domestic revenue generation to ensure long-term economic stability.
He called for bold reforms and effective policy making to restore investor confidence,stimulate economic activity, and place Pakistan on a sustainable path of growth and prosperity.