APBUMA hailed Govt decision to cut policy rate by 200 points

MULTAN,Syed Muhammad Ahsan Shah Chairman All Pakistan Bedsheets & Upholstery Manufacturers Association (APBUMA) said that in this challenging time   world economies are collapsing but for developing countries it is even worst as COVID-19 pandemic is unfolding. He said that Pakistan is no exception with already volatile economic conditions but there is light at the end of tunnel. The chairman APUBMA was expressing his views on the decision of State Bank of Pakistan to cut the policy rate further by 200 basis points to 9% for providing the impetus to economy.
 He welcomed the decision to cut the interest rate and said it was actually demand of the business circles of Pakistan from quite a long time. He praised the proactive approach of State Bank of Pakistan for sensing the ground realities in context of Corona Virus. He was of the view that SBP under the Governorship of Mr. Baqar Raza is doing a tremendous job and has taken various measures to support the local industry and business. Mr. Ahsan Shah said that in entire world interest rates are brought to zero and same should be reflected in the monitory policy of Pakistan owing to closure of large industries, small and medium businesses, ports, airports and transport. He said that Governor SBP has stated to keep a close watch on the economic conditions to further downward revise in policy rate.
Ahsan Shah Further said that apart from reduction in policy rates, there were other good news from our international partners to boost hopes of trade and industry in Pakistan. He said that deferred loan payments by IMF, G-20, China and by Middle Eastern donors is indeed great support and help us sail theses turbulent waters with a little ease.
He requested to Honorable Prime Minister Imran Khan to fully support the textile sector and export oriented industries of Pakistan to not only survive this global crisis but sustain to harvest post COVID-19 opportunities.