Prime Minister, on IMF program, says, “We have made every effort, and talks for the next program are progressing well. Once the program is settled, we will take steps to enhance growth”
By Asghar Ali Mubarak
ISLAMABAD: Prime Minister Shehbaz Sharif has lauded the State Bank of Pakistan’s recent decision to reduce the policy rate by 2 percent, calling it a significant boost for the country’s economic landscape. The policy rate, which now stands at 17.5 percent, is expected to enhance investor confidence and stimulate greater investment across various sectors. In a cabinet meeting held on Thursday, Prime Minister Sharif expressed optimism about the impact of the interest rate cut. He attributed the decision to the recent decline in inflation, which has created room for this adjustment.
“The reduction in the policy rate is a welcome move for our economy. It will increase investor confidence and lead to greater investment,” Sharif remarked. He also expressed hope that inflation would continue to decrease in the coming months. Sharif commended Finance Minister Muhammad Aurangzeb and other key institutions for their efforts in reviving the economy. He praised their work and emphasized that the reduced interest rates would benefit all economic sectors. The prime minister also updated the cabinet on ongoing discussions with the International Monetary Fund (IMF), stating, “We have made every effort, and talks for the next program are progressing well. Once the program is settled, we will take steps to enhance growth.”
In addition to economic matters, Sharif highlighted the urgent need for reforms in the energy sector and the Federal Board of Revenue (FBR). Ahsan Langrial has been assigned the task of overseeing these crucial reforms. The prime minister underscored the importance of these changes to support Pakistan’s economic recovery and growth. On the foreign relations front, Sharif acknowledged the support Pakistan has received from its allies during the IMF negotiations. “Our friendly nations have once again stood by us like brothers, repeating their historical support for Pakistan,” he noted.
The prime minister also emphasized the need for Pakistan to reduce its dependence on foreign loans, stating, “We are a nuclear power, and constantly asking for loans undermines our significance. The government is working hard on this issue.” Turning to international issues, the prime minister condemned the recent escalation of Israeli aggression in Gaza, describing it as “one of the darkest chapters in human history.” He criticized the global community, including the United Nations and international courts, for their perceived inaction.
#InterestRateCut, #EconomicGrowth, #PMSharif, #SBPPolicyRate, #InvestorConfidence, #IMFTalks, #InflationReduction, #PakistanEconomy, #EconomicReforms, #EnergySectorReforms, #FBRReforms, #ForeignLoans, #IsraeliAggression, #GazaConflict, #InternationalSupport, #EconomicRecovery
