Prime Minister Shehbaz Sharif welcomed the State Bank of Pakistan’s (SBP) decision to reduce the policy rate from 19.5 percent to 17.5 percent. He expressed optimism that this adjustment would boost exports, investment, business, agriculture, and overall economic growth.
During a federal cabinet committee meeting, Sharif expressed hope that the policy rate could eventually decrease to single digits, aligning with the country’s inflation rate. He also noted that discussions with the International Monetary Fund (IMF) were progressing smoothly, with Pakistan now meeting the prerequisites for securing an IMF loan.
Sharif praised the support from friendly nations, acknowledging their crucial role in assisting Pakistan during this period. He extended his gratitude to the Ministry of Finance, other relevant departments, and the Pakistani ambassador to China for their contributions.
In terms of economic strategy, the prime minister highlighted that, following the achievement of macroeconomic stability, the government would focus on measures to enhance GDP growth.
On the international front, Sharif condemned the ongoing Israeli actions against Palestinians. He called on the global community to intervene and halt Israel’s alleged war crimes. “Today, the Israeli forces had killed six staff members of the United Nations relief mission in Palestine while it also martyred 17 more Muslims in Gaza,” he said, strongly condemning the violence.