Islamabad, Sep 12: The State Bank of Pakistan’s decision to lower the policy rate by 2% has been hailed by Prime Minister Shehbaz Sharif as a beneficial move for the economy of the nation. He expressed hope that more money will be invested in Pakistan as a result of the interest rate reduction and increased investor confidence.
“The policy rate cut is a positive step for our economy. It will boost investor confidence and encourage further investment,” Sharif stated. This adjustment has been made possible by the recent reduction in inflation, and he anticipates that it will continue to decline in the months ahead. As of right moment, the policy rate is 17.5%.
The prime minister commended the work of Finance Minister Muhammad Aurangzeb and other important organizations on Thursday during a cabinet meeting, saying. “The efforts to revive the economy are commendable, and the reduction in interest rates will benefit all sectors.”
Speaking about the continuing negotiations with the International Monetary Fund (IMF), Sharif stated that “we have made every effort, and the talks are going well for the next program.” After the program is in place, we’ll take action to promote growth.”
He went on to emphasize the necessity of profound changes in the energy industry and the Federal Board of Revenue (FBR), adding that Ahsan Langrial has been assigned to supervise these changes.
On foreign relations, the prime minister welcomed the support of Pakistan’s partners during IMF negotiations. “Our friendly nations have once again stood by us like brothers, repeating their historical support for Pakistan.”
Sharif emphasized the significance of decreasing dependence on loans from overseas sources. “As a nuclear power, our significance is undermined by our ongoing need for credit. The government is putting a lot of effort into this problem.”
Speaking of foreign affairs, the prime minister denounced the aggression perpetrated by Israel in Gaza, calling it “one of the darkest chapters in human history.” “The UN, Security Council, and international courts have been ignored by Israel, yet the world powers remain silent,” he said, criticizing the international community for its passivity.
He also cited the recent killing of six UN volunteers in Gaza and remarked, “If this had happened elsewhere, there would have been an uproar. In Gaza, seventeen more Muslims lost their lives today. Although we denounce the brutality committed by Israel, this situation requires action from the international community.
