ISLAMABAD: Prime Minister Shehbaz Sharif has said that the reduction in the policy rate will also lead to a significant reduction in the volume of loans, and a large ‘winter package’ is being introduced to provide relief to the people in the power sector.
Speaking at a meeting of the federal cabinet, the Prime Minister said that the central bank had reduced the policy rate by two and a half percent yesterday, causing our policy rate to drop from 22 percent to 15 percent.
He said that this is very welcome for business, industries, agriculture, exports, and trade, and as a result, people will withdraw money from their accounts and invest, which will increase employment, production, and exports.
PM Shehbaz stated that the reduction in the policy rate will increase productivity, and if we continue in this way, our economy will stabilize and grow rapidly.
He informed the cabinet that after the assembly session tomorrow, the Pakistani delegation will leave in the context of his visit to Saudi Arabia.
Shehbaz said that the visit to the brotherly countries of Saudi Arabia and Qatar was very useful and constructive. The Saudi Crown Prince had expressed his best wishes for the Pakistani people in the meeting and stressed the need for quick decisions. In light of this, we have made progress and sent our delegation to Saudi Arabia. During this visit, issues related to solar energy, skilled manpower, and the mining sectors will be discussed.
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Mr. Sharif mentioned that there is a great demand for skilled youth in Saudi Arabia and Qatar, especially in the IT sector. He expressed hope that the IT Ministry will work hard in this regard, and the youth will get ample opportunities.
He said that progress is being made on business-to-business agreements. We have to work quickly in this regard.
PM stated that the time has also come to move forward on the $2 billion MoUs with Azerbaijan. The President of Azerbaijan has sent a message of progress, and we will implement it soon.
Shehbaz Sharif mentioned that there are very positive signs regarding the economy and investment. Now it is up to us to take advantage of the available opportunities.
Prime Minister said that the reduction in the policy rate will reduce the volume of loans by Rs 1300 billion and will provide financial space in the coming times. If we work together step by step, Pakistan will definitely achieve success.
He directed that businesspeople should be respected and honored, and their courage should be increased. This will strengthen the economy. A ‘winter package’ is being introduced in the power sector.
The common man has to be given relief, and the economy has to be developed. Employment opportunities and exports must be increased. Pakistan has to stand on its own feet.
This is a difficult and long journey, but only those nations move forward and achieve success which decide that whatever the circumstances are, we will face them. Then Allah Almighty also grants success.
