He pleaded for formulating economic plans aimed at reviving growth in large-scale manufacturing, small and medium-sized segments, the service sector, and exports. He said that there was a complete breakdown of economic poli­cymaking, as the country’s fiscal policy had become subservient to monetary and exchange rate policies. He said that the monetary tightening and exchange rate depreciation resulted in higher inflation, public debt and debt servicing. Although 2024 is considered the year for gen­eral elections, fears are looming for a possible political crisis in the country. In this regard, the interest rate should be gradually reduced to boost economic activity and industrialisation within the country.

Source: The Nation January 08, 2024 12:37 UTC