Peshawar— Khyber Pakhtunkhwa Finance Minister Muzaffar Said Advocate has welcomed monetary policy announced by State Bank of Pakistan (SBP) for the next two months.
However he underlined the need of decreasing the interest rate instead of maintaining it with previous level of 5.75 percent.In a statement, the Finance Minister wondered that KP government was expecting the centre to bring down the interest rate to 5 percent but it was also undeniable fact our bulk financial and economic conditions were not up to that mark especially in the backdrop of increasing prices of essential commodities.
Muzaffar Said Advocate however appreciated the role of SBP as state institution and welcomed its fresh bimonthly policy. He on the other hand flayed the financial strategy of federal government and termed it unsatisfactory as he said no drastic steps were taken to control price hike in the country and instead bulk loans to the tune of Rs800 billion were obtained for lavish spending.
He said macro and micro economic situation in the country is no way better or satisfactory and center has to take candid steps to reduce debt burden and lower interest ratio that he said is the only way to ameliorate lot of the poor.
Muzaffar Said Advocate demanded of federal government that after this, the coming two month monetary policies must show gradual but vivid decrease in the interest rate.
He said people want interest and riba free banking and monetary systems in Pakistan and we had to make joint efforts for the purpose. He also asked centre to change foreign loaning policy and also allow provinces to get debts from abroad as per needs that will ensure real progress and prosperity all over the country.