S.M. Tanveer, Patron-in-Chief of the United Business Group (UBG) and a leading business figure, has condemned the recent 100-basis-point increase in interest rates, arguing that such a drastic measure is unprecedented globally, especially given rising international oil prices.

He warned that this monetary tightening could severely impact the national exchequer, with an additional Rs600 billion needed for domestic debt servicing, given the current government’s borrowing of around Rs60 trillion.

Tanveer highlighted that the manufacturing sector is struggling under high interest rates and energy costs, threatening local businesses and industrial growth. He has called for an immediate reversal of this policy to prevent de-industrialisation and support economic activity.