MULTAN, May 15th: Renowned industrialist, Chairman of MDPT and Former Punjab caretaker Minister for Industries Khawaja Jalaluddin Roomi has said that Present Government headed by Imran Khan was moving in right direction to yank the country's economy out of crisis and he hailed the Government decision to cut its benchmark interest rate on Friday by 100 basis points to eight per cent, the fourth time it has cut rates since the coronavirus pandemic hit two months ago.While appreciating SBP role in sustaining economic growth through supporting trade and industry, Khawaja Jalaluddin Roomi emphasizes upon financial relief by reduction in the interest rate.On the other hand external front is also presently sustainable due to foreign financial support and rescheduling of debt that has supported reduction in current account deficit.He said the future anticipated expected inflation will further decline due to low demand and other affects of lockdown to control over spread of coronavirus. Roomi said that economy of Pakistan is already hit very hard as business activities remain stop while they are paying 12 percent bank markup and cannot survive on such high KIBOR rate. There is 4-5 percent interest rate in Pakistan immediate regional competitors China, India and Bangladesh. He said SBP should take measures and develop strategy to protect the pace of economic and trade progress of Pakistan Other- wise we will again face economic crises, lower industrial growth and shifting of industrial units in sick industry.MULTAN, May 15th: Renowned industrialist, Chairman of MDPT and Former Punjab caretaker Minister for Industries Khawaja Jalaluddin Roomi has said that Present Government headed by Imran Khan was moving in right direction to yank the country's economy out of crisis and he hailed the Government decision to cut its benchmark interest rate on Friday by 100 basis points to eight per cent, the fourth time it has cut rates since the coronavirus pandemic hit two months ago.While appreciating SBP role in sustaining economic growth through supporting trade and industry, Khawaja Jalaluddin Roomi emphasizes upon financial relief by reduction in the interest rate.On the other hand external front is also presently sustainable due to foreign financial support and rescheduling of debt that has supported reduction in current account deficit.He said the future anticipated expected inflation will further decline due to low demand and other affects of lockdown to control over spread of coronavirus. Roomi said that economy of Pakistan is already hit very hard as business activities remain stop while they are paying 12 percent bank markup and cannot survive on such high KIBOR rate. There is 4-5 percent interest rate in Pakistan immediate regional competitors China, India and Bangladesh. He said SBP should take measures and develop strategy to protect the pace of economic and trade progress of Pakistan Other- wise we will again face economic crises, lower industrial growth and shifting of industrial units in sick industry.
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