EFP asks SBP cut in policy rate by 300 basis points

KARACHI: President Employers Federation of Pakistan (EFP) and chairman Economic Council, Ismail Suttar has urged State Bank of Pakistan Governor Reza Baqir to further reduce the policy rate by 300 basis points.

Ismail Suttar said that the recent stimulus measures will not be sufficient and will increase the prevailing recession. “Businesses and SMEs will face a severe liquidity crunch in running operations,” he added.

Ismail Suttar thanked SBP Governor for accepting the proposals of the EFP Board in a recent digital meeting and said that employers have lauded the recent collateral relaxations and Refinance Scheme for payment of wages and salaries to the workers and employees of business concerns by SBP.

EFP President advocated swift and continued governmental protection of the interests of manufacturers, workers, and small businessmen and prayed that Pakistan soon resumes industrialization on a war footing basis.

Ismail Suttar, recently was unanimously elected as the new president of Employers’ Federation of Pakistan (EFP) following the resignation of Majid Aziz.

Besides being a pioneer in developing salt as a value-added mineral on a large industrial scale, Suttar has worked tirelessly to help prepare the Balochistan Minerals Policy.