Industry

PYMA demands withdrawal of decision to increase interest rates

Karachi, May 24, 2022: Saqib Naseem, Chairman Pakistan Yarn Merchants Association (PYMA), Muhammad Junaid Teli, Vice Chairman, Sind & Balochistan region, while expressing deep concern over the sharp rise in interest rates by 150 basis points (1.5 percent) to 13.75 percent, appealed to Finance Minister Miftah Ismail to reverse the decision to save business & industries from collapse, and gradually bring it to single digit to help deal with the severe economic crisis caused by the Covid-19 pandemic, and help domestic businesses & industries, especially SMEs, survive.

PYMA office-bearer said that the Covid-19 pandemic has already brought trade & industry to the brink of collapse, while the country’s current political situation has also put the business community in a difficult position, that they run or not their business.

They said that policies should be formulated in the economic interest of the country which would promote business and industrial activities, but the government is not concerned about trade, industry or the negative effects of anti-economic measures.

Saqib Naseem, Junaid Teli appealed to Finance Minister Miftah Ismail to support the business community in this hour of trouble and immediately reverse the decision to raise interest rates by creating conveniences instead of difficulties, and help get back on its feet. Otherwise, neither business nor industry will survive. Therefore, the government should wisely formulate the best economic policies in consultation with the stakeholders so that the country can get back on the path of development.

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