Army Chief Promises Lower Interest Rates and Electricity Costs

In a notable gathering in Karachi, over 100 leading businessmen engaged in a four-and-a-half-hour discussion with Chief of Army Staff (COAS) General Asim Munir. The meeting revolved around addressing urgent economic issues and exploring strategies to spur business growth, with several important announcements made to revitalize the country’s economy.

Speaking to Samaa TV, the traders expressed optimism about the session’s outcomes. They disclosed that the Army Chief shared encouraging news about the nation’s economic prospects, including a plan to lower interest rates to single digits by next year.

General Munir also revealed that electricity prices would be reduced as early as next month, offering significant relief to businesses grappling with high operational expenses.

One major point of discussion was the repatriation of funds held abroad by Pakistani traders and businesspeople. The Army Chief urged them to bring their overseas investments back into the country to support the local economy. In response, traders recommended the introduction of an amnesty scheme to facilitate the return of these funds and promote domestic investment.

General Munir encouraged the business community to prepare for new industrial projects, stressing the importance of establishing new industries to bolster the nation’s economic strength. He emphasized the need for collaboration between the government and the private sector to achieve these goals.

The Army Chief also mentioned ongoing discussions with political leaders about the creation of new provinces, which he believes would enhance administrative efficiency and provide opportunities for fresh leadership.

Reaffirming the military’s commitment to Karachi, General Munir stated, “Our hearts beat for Karachi,” underscoring the military’s dedication to the city’s growth. He also noted that military-run business enterprises contribute approximately Rs 400 billion annually to the national treasury.

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During the meeting, prominent businessman Arif Habib proposed separating the construction and real estate sectors to improve the focus and efficiency of both industries, a suggestion that was positively received and discussed as part of the broader economic growth strategy.

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