Highlighting positive economic indicators, the prime minister noted that the reduction in the policy rate would provide much-needed relief to businesses and investors. He called this development a “welcoming sign” for the economy.
Pakistan Prime Minister, Muhammad Shehbaz Sharif, on Tuesday welcomed the State Bank of Pakistan’s decision to cut the interest rate by 2 per cent to 13 per cent, describing it as a significant step toward boosting investment and stimulating economic growth.
Chairing a cabinet meeting in Islamabad, the Prime Minister said, “Taking advantage of the good news on the economic front, we should first promote domestic investment, as a result, foreign investment will automatically come to the country.”
Addressing the challenges of polio eradication, Prime Minister Shehbaz expressed regret that Pakistan remains one of the few countries where the polio virus persists. He stressed the need for renewed efforts to eliminate the disease, reaffirming the government’s commitment to a polio-free Pakistan.
Highlighting positive economic indicators, the Prime Minister noted that the reduction in the policy rate would provide much-needed relief to businesses and investors. He called this development a “welcoming sign” for the economy and emphasized that inflation had dropped to its lowest level since 2018.
The Prime Minister further underscored the importance of promoting local investment and revealed that the government had finalized a home-grown economic plan. The plan, aimed at sustaining economic growth, will be formally unveiled in an upcoming special event.
Record Current Account Surplus
Later on in the evening, Prime Minister Muhammad Shehbaz Sharif also expressed satisfaction over achieving a record current account surplus in November.
“For the first time in 10 years, Pakistan’s current account surplus reaching US$729 million in November 2024 is extremely encouraging for the national economy,” the prime minister said in a press statement issued by the PM House.
He highlighted that cut in the policy rate by the State Bank of Pakistan (SBP), gradual decline in inflation rate and increase in the current account surplus were clear evidence of the government’s positive economic policies.
“Pakistan’s position in the international economic market will strengthen with record increase in the current account surplus,” the prime minister added.
He noted that the increase in current account surplus would also increase the local and foreign investor’s confidence in Pakistan’s economy.
Prime Minister Shehbaz Sharif also extended appreciation to Finance Minister Muhammad Aurangzeb, Minister of State for Finance Ali Pervaiz Malik and the government’s economic team for their tireless efforts.
