Prime Minister Shehbaz Sharif announced on Monday that lowering the policy rate will help increase business, exports, and job opportunities in Pakistan, according to Radio Pakistan.
He stated that the country’s economy has become more stable. The State Bank of Pakistan (SBP) has reduced the policy rate by 250 basis points, bringing it down from 17.5% to 15%.
The Prime Minister mentioned that inflation has dropped significantly, going from thirty-eight percent to seven percent, and that various institutions confirm the country’s economic stability. He noted that those who wish to create chaos and push Pakistan to the brink of bankruptcy have failed in their attempts.
In October 2024, inflation in Pakistan is reported to be at 7.2%. PM Shehbaz expressed that people who prioritize the nation’s survival over their political interests will be remembered positively in history.
He added that a new phase of investment cooperation has begun with Saudi Arabia following his recent visit there. Discussions with Saudi Crown Prince Mohammed bin Salman focused on strengthening ties, with Saudi Arabia pledging support for Pakistan’s economic stability and growth.
During his trip to Qatar, PM Shehbaz secured commitments for increased investments, including a $3 billion project in various sectors like aviation, hospitality, IT, and energy.
The government is prioritizing efforts to attract more foreign investment and implement reforms across different sectors. The Federal Board of Revenue (FBR) has been tasked with recognizing tax-paying individuals as ambassadors of Pakistan.
Additionally, the PML-N Parliamentary Party was updated on the planned legislative bill in the National Assembly.
