ISLAMABAD, Nov 5 (Alliance News): Prime Minister Shehbaz Sharif praised the State Bank of Pakistan’s recent reduction of the policy rate to 15% from 22%, describing it as a positive step toward economic stability.
Addressing the federal cabinet meeting, the prime minister said this decrease would benefit business, agriculture, exports, and commerce sectors.
The SBP’s policy rate cuts aim to stimulate investment, job creation, and increased production and exports.
PM Shehbaz highlighted that this reduction could lessen Pakistan’s debt burden by Rs1.3 trillion, creating fiscal space and offering significant relief for the country.
He also mentioned that a Pakistani delegation had traveled to Saudi Arabia following his recent visit there, to strengthen cooperation in areas such as mining, minerals, solar energy, and IT workforce development.
Saudi Arabia and Qatar have shown interest in skilled IT workers from Pakistan.
The prime minister urged the IT ministry to develop a strategy to train and prepare workers to meet the standards required by these countries.
PM Shehbaz also mentioned a recent green signal from Azerbaijan to sign $2 billion MoUs, expanding bilateral cooperation.
He called for swift action on business-to-business MoUs with Saudi Arabia, expressing optimism about potential economic benefits.
Furthermore, the prime minister hinted at introducing a winter power relief package to support businesses, adding that incremental steps would help create jobs and boost the economy.
“This is a tough journey, but only nations that face their challenges head-on can succeed,” he remarked.
