Monetary Policy will spell a doom for businesses: Irfan Iqbal Sheikh - Press Release issued by Federation of Pakistan Chambers of Commerce and Industry.

Karachi -- March 06, 2023 (PPI-OT)

Following is the text of press release issued by Federation of Pakistan Chambers of Commerce and Industry (FPCCI)

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Mr. Irfan Iqbal Sheikh, President of the apex body, FPCCI, has categorically termed the monetary policy as the worst in country's economic history; and, has predicted that it will bring the economic, trade, investment and commercial activities on a standstill - a doomsday scenario for the business, industry and trade community of Pakistan.

Mr. Irfan Iqbal Sheikh highlighted that Pakistan now ranks one of the lowest in access to finance and cost of doing business indices in almost the entire region; and, instead of consulting the business community, the government has continued their tradition of consultation-less policymaking; consequently, ignoring the real stakeholders of the economy.

FPCCI Chief has apprised that now commercial banks would not lend to the businesses for anything less than 22.5- 23 percent interest rates; and, no business can find it affordable anymore. This will result in the complete drying up of the private-sector lending from the banking or formal sectors; which has already been availed only by approximately 7 percent of the businesses over the past many years, he added.

Mr. Irfan Iqbal Sheikh has proposed that the entire business community has to start a national-level campaign to persuade all political...