Prime Minister Shehbaz Sharif welcomed the Central Bank of Pakistan’s decision to reduce interest rates by 2%, describing it as a positive step for the country’s economy. He expressed optimism that lowering interest rates will boost investor confidence and increase investments in Pakistan.
“The interest rate cut is a welcome step for our economy. It will increase investor confidence and lead to more investment,” Sharif said, adding that the recent decline in inflation allowed for this adjustment, and he hoped inflation would continue to improve. decline in the coming months. The interest rate is now 17.5%.
Speaking during a Cabinet meeting on Thursday, the Prime Minister lauded the efforts of Finance Minister Muhammad Aurangzeb and other key institutions, saying: “The efforts being made to revive the economy are commendable, and reducing interest rates will benefit all sectors.”
Sharif also spoke about the ongoing discussions with the International Monetary Fund, noting that “we have made every effort, and the talks on the next program are going well. Once the program is settled, we will take steps to boost growth.”
He also highlighted the need for major reforms in the energy sector and the Federal Board of Revenue (FBR), noting that Ahsan Langriyal has been assigned to oversee the FBR reforms.
Regarding foreign relations, the Prime Minister acknowledged the support of Pakistan’s allies during the IMF negotiations. “Our friendly countries once again stood by us like brothers, and reiterated their historic support for Pakistan,” he added.
Sharif also stressed the importance of reducing dependence on foreign loans. “We are a nuclear power, and the constant demand for loans undermines our relevance. The government is working hard on this issue.”
Regarding international affairs, the Prime Minister condemned the Israeli aggression on Gaza, describing it as “one of the darkest chapters in human history.” He criticized the international community for its inaction, saying: “Israel has ignored the United Nations, the Security Council and international courts, but the world powers are remaining silent.”
He also pointed to the recent killing of six UN volunteers in Gaza, and said: “If this had happened elsewhere, there would have been an uproar. Today, 17 more Muslims were martyred in Gaza. We condemn Israeli brutality, but this issue has gone further.” “Beyond condemnation – the global conscience must act.”