RAWALPINDI, Jan 23: The business community of Rawalpindi has rejected the recent State Bank’s bail-out package for the industrial sector saying that the one-year relief in repayment of loans is not sufficient keeping in view the current economic situation.

The Rawalpindi Chamber of Commerce and Industry (RCCI) in a statement said that the industrial sector was under tremendous pressure in the prevailing situation.

Tax and interest rates were declining in the world, but in Pakistan they are increasing said Syed Asad Mashhadi in a statement.

For the revival of industries in the present economic situation, it is vital that rates of interests and taxes are reduced, but unfortunately this is being ignored, he said.

The RCCI President said the decision of the State Bank would not provide the needed relief to the industrial sector.

The government should take decisions which could strengthen the export-oriented industries so that foreign exchange reserves could be improved.