Prime Minister Shehbaz Sharif announced Monday that the recent reduction in the policy rate by the State Bank of Pakistan (SBP) will invigorate business activities, bolster exports, and create new employment opportunities across the country.
Addressing a gathering of the Pakistan Muslim League Nawaz (PML-N) Parliamentary Party, the Prime Minister remarked that Pakistan’s economy has achieved significant stability, as evidenced by both national and international assessments.
The SBP’s move to cut the policy rate by 250 basis points, from 17.5% to 15%, was met with applause from the premier, who hailed it as a constructive step toward easing the financial climate for businesses. He pointed to a dramatic drop in inflation, which has fallen from a peak of 38% to just 7%, as a sign of the government’s effective economic strategy. According to the Prime Minister, this reduction is essential in curbing the cost of capital, making borrowing more affordable for businesses, and encouraging growth across various sectors.
PM Shehbaz emphasized that attempts by certain groups to destabilize Pakistan’s economy and incite chaos have been thwarted, crediting his government’s resilience and policies for protecting the nation from economic turmoil. He asserted that history would remember in “golden words” those who placed the country’s well-being above political interests, praising the leadership that prioritized stability over self-interest.
Shehbaz also highlighted strides in foreign investment, notably in strengthening ties with Saudi Arabia. His recent discussions with Saudi Crown Prince Mohammed bin Salman at the Future Investment Initiative underscored Saudi Arabia’s longstanding friendship and support for Pakistan. The Saudi leadership pledged continued economic support, reaffirming Saudi Arabia’s role as a critical ally in Pakistan’s development journey.
The Prime Minister also shared insights into recent diplomatic engagements with Qatar, where discussions were held to activate investment projects worth $3 billion. Qatar’s planned investments span several key sectors, including aviation, hospitality, information technology, and energy, with a commitment to contribute meaningfully to Pakistan’s economic landscape.
Highlighting his administration’s commitment to reform, PM Shehbaz stated that the government is working tirelessly to streamline investment processes and increase foreign direct investment. Acknowledging the role of taxpayers as “ambassadors of Pakistan,” he directed the Federal Board of Revenue (FBR) to recognize and honor individuals contributing to the nation’s tax revenue.
The PML-N Parliamentary Party was also briefed on upcoming legislative reforms in the National Assembly, aimed at enhancing economic growth and fostering a climate conducive to business and investment. PM Shehbaz expressed optimism that these efforts would pave the way for a more prosperous and resilient Pakistan.
