Interest-free loans for industrial units urged

President of Korangi Association of Trade and Industry (KATI) Sheikh Umer Rehan has urged the State Bank of Pakistan (SBP) to offer interest-free loans to the industrial units. Sheikh Umer Rehan mentioned that the SBP has rightly showed its concerns for the small and medium industry.

However, for the larger good of this sector, utility bills payments and other production expenses should also have been covered in the relief package of the SBP.

He said that continuation of industrial activity and production is the only answer to the economic and unemployment challenges of the current crisis. Leader of UBG, S. M. Muneer, welcomed the relief incentives of the State Bank of Pakistan for the industries. However, he urged zero-interest rate on lending.

He said that PM Khan and SBP have responded timely in the current global crises due to the spread of Covid-19 pandemic which drastically affected the economy internationally.

He was of the view that this crisis has proven a great disaster for the economy, and it is a greater economic challenge than its medical devastations. He also urged the PM and the governor of the State Bank to bring the interest rate to zero for industries in the relief incentives of the SBP.