Sialkot: The Sialkot Chamber of Commerce and Industry (SCCI) has expressed approval of the State Bank of Pakistan’s (SBP) updated economic indicators for the fiscal year 2025, viewing them as a significant step toward economic stabilization and recovery. The revised figures suggest a commitment to fiscal and monetary reforms intended to reinforce Pakistan’s economic framework.

According to a statement by Sialkot Chamber of Commerce and Industry, Ikram ul Haq, President of SCCI, noted the key changes in the economic outlook, particularly the downward revision of inflation projections to 5.5%-7.5% from an earlier estimate of 11.5%-13.5%. This adjustment is expected to offer relief to both businesses and households. Furthermore, the modification of the current account balance target to a range of -0.5% to +0.5% of GDP indicates notable progress in stabilizing the external sector. The GDP growth projection, now set between 2.5% and 3.5%, reflects a cautious optimism regarding Pakistan’s economic recovery.

In response to the latest Monetary Policy Announcement, Mr. Ikram ul Haq commented on the 1% reduction in the policy interest rate, describing it as a positive yet insufficient step. He advocated for a 2% reduction to alleviate financial pressures on businesses more effectively. He emphasized that reducing interest rates to single digits would bolster growth, enhance industrial activity, and support small and medium-sized enterprises, which are pivotal to the economy.

The SCCI President stressed the necessity for consistent policy execution, better governance, and enhanced collaboration between public and private sectors to meet these economic goals. The Sialkot Chamber remains dedicated to promoting policies that fuel economic recovery and growth, urging all stakeholders to collaborate in fostering a stable and growth-oriented environment for Pakistan.