Policy of keeping interest rate at double-digit must change: Mian Zahid.

President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Wednesday said the policy of discouraging imports and keeping the interest rate in double-digit should be changed during the new year.

Relaxing import policy and reducing interest rates to single-digit will trigger growth and increase revenue as well as employment in the country, he said.

Talking to the business community, the veteran business leader existing policies have contracted the industrial sector and overall economy which should be given a chance to progress.

The former minister noted that large scale manufacturing has contracted by eight percent while consumer financing which was Rs81 billion in 2018 has dropped to Rs40 billion in 2019 which indicate reduced demand.

He warned that continuity in existing economic policies will result in a further contraction in the economy which is not in the national interests.

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