KARACHI: JI Amir Hafiz Naeem ur Rehman has said the law to give autonomy to state bank be changed forthwith. Addressing a press conference here Hafiz Naeem said petroleum levy has no relevance with the international market prices. On the other hand it is outcome of incompetence and flawed economic policies of government. He held JI technical committee has presented its recommendations to abolish levy. The proposal for reduction in interest rate too is included therein. Hafiz Naeem said government can change state bank law through parliament if it wills so. Government should hold effective talk with state bank on reduction of policy rate. He observed government should not make IMF program a means of slavery. One percent reduction in policy rate will afford benefit of Rs 600 billion to government. Saving of about Rs 1700 billion can be made by government through 3 percent reduction in policy rate. He held government received Rs 1567 billion from people on account of petroleum levy from people. Pakistan is paying interest of Rs 8000 billion annually on its loans. The burden of paying back the loans will curtail due to reduction in interest rate. Online
