While appreciating the State Bank of Pakistan for announcing the reduction of discount rate to 9.5 per cent, Maqsood Ismail, President, Lasbela Chamber of Commerce and Industry urged to further cut the rate to bring the same around 6 to 7 per cent in order to support the industrial investment in the current economic scenario with poor law and order situation and sever shortage of energy and high POL prices.
He expected that the Government would take appropriate measures to facilitate further industrial investment, which has slowed down due to damaging of competitiveness as compared to other countries in the region where discount rate is much lower than that in Pakistan.
In the opinion of Maqsood Ismail, the expansion of economy is imperative in order to meet the budgetary targets and to create employment opportunities for the people.
It is possible only with the availability of cheaper liquidity to the investors who are looking for setting up of new industrial projects. For this purpose the State Bank of Pakistan should take lead to frame the investment friendly monetary policies keeping in view the current economic indicators.
