Lahore: S. M. Tanveer, Patron-in-Chief of the United Business Group (UBG), has urged the government to provide increased support to the business community following recent negotiations with the International Monetary Fund (IMF). Tanveer advocates for significant reductions in interest rates and other measures to enhance business viability and economic growth.

According to Zameen.Com, Tanveer emphasized the need for the State Bank of Pakistan (SBP) to lower interest rates by 300 basis points to aid the revival of shuttered industrial units and stimulate job creation. He also called for the resolution of issues surrounding Independent Power Producers (IPPs) and proposed reducing electricity costs to PKR 25 per unit to keep Pakistan’s export industry competitive within the region.

Highlighting fiscal concerns, Tanveer pointed out that 58% of Pakistan’s tax revenue is currently allocated to servicing its debts and interest payments, a situation that he described as placing significant strain on the business sector.