The decision to cut interest rate to 10% is a welcome step and will benefit the economy. These views were expressed by Pakistan Tanners Association President Agha Saiddain in a statement here on Saturday. “SPB has taken a wise step to control capital flight,” he said and suggested that interest rate be further reduced for the economic uplift of the country. He said the decision was a ray of hope in the circumstances faced by the industry due to the the energy crisis. It will reduce the cost of doing business in the country, he added. He suggested that export-friendly policies, increase in the literacy rate, improvement in law and order and such other steps were needed to further boost the economy. He urged the government to take steps for revival of development finance institutions in the country for long term financing to the industry. DFIs have played a remarkable role in the past and they can do the same if they are given an atmosphere of working in the country, he added. Praising SBP’s efforts for revival of the economy, he said his association would continue to support all positive steps.