KARACHI
Abdul Rashid, President, Site Association of Industry, Karachi, has rejected the increase in Export Finance Scheme (EFS), Long-Term Financing Facility (LTFF) by 200 basis points and policy rate by 150 basis points.
The SAI president demanded the government immediately reverse the recent increase, saying that if the decision was not reversed, it would have a very negative effect on the country’s exports.
In a statement, Abdul Rashid said that Pakistan is the only country in the region where interest rates are extremely high as raising the policy rate to 13.75% would destroy the economy.
He said, ‘’Due to excessive utility charges and taxes, the production cost of industries has already gone up drastically. Increase in EFS and LTFF interest rates by 200 basis points, including excess interest, will have a very negative effect on exports’’.
Abdul Rashid added that measures are needed now to take the country out of the economic crisis without affecting the economy and to formulate economic policies in consultation with the business community so that business and industrial activities can continue, otherwise there will be devastating effects on industries.
