Prime Minister Shehbaz Sharif on Tuesday stressed the need for further cuts in Pakistan’s interest rate, indicating that it could be cut by an additional 8 percentage points despite the recent cut to 13%.
“I would like the interest rate to be reduced again to 6%,” he said while addressing a ceremony held at the Pakistan Stock Exchange (PSX).
The Prime Minister stressed the government’s focus on transforming macroeconomic stability into sustainable economic growth.
He announced plans to engage financial experts from Karachi and other cities to develop a unified strategy to achieve the country’s economic goals.
Shehbaz called for implementable proposals to drive export-led growth and benefit from Pakistan’s natural resources.
“Pakistan’s economy is back on its feet,” he said, stressing the need for future expansion. He added that the country is moving in the right direction despite the ongoing challenges.
Regarding the privatization of state-owned entities, the Prime Minister emphasized the existence of a fully transparent process, citing the example of the ongoing privatization of Pakistan International Airlines (PIA) and Islamabad Airport.
Emphasizing the government’s commitment to fulfilling the conditions of the International Monetary Fund, the Prime Minister expressed his hope that Pakistan would eventually overcome its dependence on the global lender.
“There will come a time when we can say goodbye to the IMF,” he said.
During his visit to Karachi, Shehbaz emphasized the vital role of the private sector in economic growth and called for increasing tax revenues to achieve national goals.
He praised Karachi as a center for Pakistan’s economy and a symbol of the country’s renaissance.
The Prime Minister also inaugurated the Federal Board of Revenue (FBR) anonymous customs valuation system, which aims to enhance efficiency and transparency in customs clearance processes.